Palm Oil Extends Climb, Soybean Oil Declines Further as Funds Sell-Off

Palm Oil Extends Climb, Soybean Oil Declines Further as Funds Sell-Off

Palm Oil Extends Climb, Soybean Oil Declines Further as Funds Sell-Off   

Vegetable oil prices were mixed again on Wednesday, as palm oil futures extended higher for a fifth session and soybean oil continued lower. Reversing early gains, nearby soy oil futures contracts finished the day less than one percent lower (September contract -31 basis points per pound and October contract -26 basis points per pound) as fund selling pressed on the markets. Benchmark soybean oil prices lost less than one percent (December contract -27 basis points per pound), while contracts for 2022 saw negligible losses of less than 1/2 percent (May 2022 contract -20 basis points per pound).

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