Fund Spreading Leaves Soybean Oil Higher Ahead of Holiday

Soybean oil prices were mixed ahead of the Thanksgiving holiday as fund liquidation of short oil share positions supported nearby contracts. Palm oil futures were supported in the overnight session by the continued rally in crude oil and technically driven buying.

U.S. markets will be closed on Thursday, and trading will end at noon (CST) on Friday in observance of the Thanksgiving holiday. The Vegetable Oils Bulletin will not be published on Thursday but will return on Friday.

Nearby soybean oil prices gained more than 1/4 percent (January contract +14 basis points), but light bull spreading in soybean oil futures drove the May and June contracts slightly lower. Selling above the 38-cent level in the benchmark contract weighed on prices while buying at the 10-day…