Soybean Oil Prices Rally on Renewed Weather Concerns

Soybean Oil Prices Rally on Renewed Weather Concerns

Soybean Oil Prices Rally on Renewed Weather Concerns

Volatility remained the name of the game in the edible oils markets on Monday, leaving world vegetable oil prices mixed. Profit-taking weighed on palm oil prices, while fresh buying amid recently oversold conditions and ongoing weather concerns rocketed the soybean complex higher.

The first three soybean oil contracts settled about 3 3/4 percent higher (July contract +221 basis points per pound). Deferred contracts from October 2021 through the back end of the curve also gained from 3 to about 3 1/2 percent (May 2022 +201 basis points).

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