Veg Oil Prices End Volatile Week Lower Despite Friday Rally   

Vegetable oil prices were higher on Friday, with short-covering and bargain buying lifting oilseed futures contracts in front of the weekend following a massive liquidation by funds on June 17.

For the first time in eight consecutive sessions, benchmark soybean oil futures ended higher, settling up 2 3/4 percent (July contract +155 basis points per pound). Still, nearby soybean oil futures, which reached a record intraday high of 73.74 cents per pound on June 7, fell almost 17 percent on the week. Deferred contracts saw much steeper gains, as spreads weakened and prices in the back end of the curve closed up 7 1/4 percent (January 2022 contract +404 basis points per pound and March 2022 contract +430 basis points per pound).

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