Soybean Oil Falls Ahead of Monthly USDA Data
World vegetable oil prices fell on Monday, but despite the decline, the benchmark contracts in the soybean oil and palm oil markets settled between the upper Bollinger band and five-day exponential moving average, suggesting the recent trend remains intact. However, selling in the front end of the soybean curve could mean further downside risk for vegetable oil futures. The weather forecast for Argentina turned drier over the weekend, but unexpected rainfall in Cordoba during the weekend, may have contributed to profit-taking on Monday.
The declines left the spread between the May soybean oil and palm oil contracts just above 8.19 cents per pound. However, the spread settled at the lower end of the day’s range between eight and 9.58 cents. The July spread settled just below 10 cents, a level providing significant resistance in…
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