Gains in Soybean Futures Support Nearby Soybean Oil Prices

Gains in Soybean Futures Support Nearby Soybean Oil Prices

Gains in Soybean Futures Support Nearby Soybean Oil Prices

Vegetable oil prices were generally mixed on Friday as a breakout above the recent trading range in vegetable oil futures on the Dalian exchange sparked hope for short-term demand and triggered bull spreading in both palm oil and soybean oil markets. A sharp rally in wheat futures also drove buying across agricultural commodity markets, lending support for soybean oil prices. Energy futures were modestly lower on profit-taking after Thursday’s sharp rally. The move pushed the spread between soybean oil and heating oil (HOBO) modestly higher, but it remains in the relatively narrow range around $1.45 per gallon it has been trading in for the last two weeks.

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