Soybean Oil Futures Rise on Fund Spreading

Soybean oil futures rose on Friday as bull spreading in the soybean market and oil/meal spreading by funds supported prices. The palm oil market was closed in observance of the Lunar New Year. Trading in palm oil will resume on Monday, but U.S. markets will be closed in observance of the President’s Day holiday. The Jacobsen’s Vegetable Oils Bulletin will not be published on Monday but will resume on Tuesday.

Nearby soybean oil futures gained nearly one percent (March contract +41 basis points per pound) to lift the benchmark contract back above the 46-cent level. Buying at the five-day exponential moving average helped limit the downside as prices sold-off following an initial test…