Bearish MPOB Data Triggers Liquidation in World Veg Oils

Bearish MPOB Data Triggers Liquidation in World Veg Oils

Bearish MPOB Data Triggers Liquidation in World Veg Oils

Vegetable oil futures were sharply lower on Monday as bearish data from the Malaysian Palm Oil Board (MPOB) set the tone for the day. Weakness in soybean futures and the liquidation of long oil share positions and bull spreads in the soybean oil curve also contributed to weakness during U.S. trading hours. The declines left the nearby soybean oil contract at its lowest level since March 30 and the benchmark palm oil contract at its lowest price since March 31.

The declines continued to narrow the spread between soybean oil and palm oil futures. The May spread dropped below eight cents for the first time since February 25. However, deferred spreads remain near the upper end of the recent trading range, with the July spread just below 11.85 cents and the September spread just under 11.25 cents. The divergence in the…

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