Weather Concerns Drive Soybean Oil to Record High

Weather Concerns Drive Soybean Oil to Record High

Weather Concerns Drive Soybean Oil to Record High

Vegetable oil prices were mixed on Tuesday as expectations the Malaysian Palm Oil Board (MPOB) will report an increase in end-of-month palm oil stocks on Thursday continued to pressure palm oil prices. Soybean oil futures continued to rise on gains in soybean futures following the lower-than-expected initial crop condition ratings released by the United States Department of Agriculture (USDA) after the close on Monday.

Oil/meal spreading also supported soybean oil prices, but the gains in oil share were more modest than in three of the prior four sessions. Still, the benchmark oil share increase drove it to a new life-of-contract high just above 48 percent. However, the move left the benchmark just below the 2008 high. Still, it seems increasingly likely the continuous most actively traded contract will breach the record…

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