Volatility Continues in Soybean Oil Market

Volatility Continues in Soybean Oil Market

Volatility Continues in Soybean Oil Market

Vegetable oil futures were mixed on Friday, driven by weakness in prices on the Dalian exchange and selling across the soybean complex. Crude oil futures were marginally lower but held onto the gains from Thursday’s low, leaving the benchmark November contract above $40 per barrel. Soybean oil extended its streak of weeks with a larger than one cent change in price to five, but the benchmark contract has traded between 33 and 34 cents for the last 10 days.

Nearby soybean oil futures declined by about 1/2 percent (December contract -18 basis points per pound), but the declines in deferred contracts were smaller. Light liquidation of short oil share positions helped limit the decline in soybean oil prices, as did buying below the benchmark contract’s 33-cent level. However, the December contract still settled below the…

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