Profit-Taking Near Record High Pushes Soybean Oil Lower

Vegetable oil prices were mixed on Thursday as substantial overnight gains in soybean oil, and palm oil gave way to declines in soybean oil during the U.S. session. The benchmark soybean oil contract rose above 72 cents early in the overnight session but stopped about 1/2 cent below the record intraday high. Steady selling throughout the balance of the overnight session accelerated at the U.S. opening before stabilizing heading into the noon run of the forecast maps. A change in the outlook, suggesting significant rainfall in the northern Plains and southern Canadian Prairies during the middle of next week, triggered another wave of selling that left the contract to settle below 69 cents and just seven basis points above the low of the day.

While the weakness in soybean and soybean oil prices was not unexpected given…