Sell-Off in Energy Drives Soybean Oil Prices Lower

Sell-Off in Energy Drives Soybean Oil Prices Lower

Sell-Off in Energy Drives Soybean Oil Prices Lower

Concerns about the news that a mutation could make the coronavirus more infectious and the announcement of tighter restrictions in Britain triggered profit-taking in energy and vegetable oil markets on Monday. However, during U.S. trading hours, soybean oil futures rallied sharply from the overnight lows as gains in soybean futures and news that Congress had agreed to a new economic stimulus package triggered buying in the soybean oil market. The Jacobsen believes the beginning of vaccinations in the U.S. and robust domestic demand will limit short-term downside price risk in soybean oil futures. However, the Chinese government’s announcement last week suggesting it may crack down on hoarders of agricultural products, especially oilseeds, drove cash prices sharply lower. Chinese prices have been a leading indicator for world vegetable oil futures. Chinese…

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