Palm Oil Starts Week Higher, Soybean Oil Ends Near Unchanged

Palm Oil Starts Week Higher, Soybean Oil Ends Near Unchanged

Palm Oil Starts Week Higher, Soybean Oil Ends Near Unchanged

On Monday, vegetable oil prices were mixed to open the fresh trading week. Malaysian palm oil futures climbed on short-covering and buying, while U.S. soybean oil markets saw marginal gains and losses in the absence of fresh market-moving news ahead of the September contract expiry on Tuesday.

Nearby soybean oil futures settled slightly higher (September contract +6 basis points per pound and October contract +2 basis points per pound). The Tuesday trading session could be volatile and marked by some short-covering before the September expiration at the closing bell. Benchmark December soy oil prices ended unchanged at 55.99 cents per pound. Bull spreading drove marginal losses for 2022 soybean oil futures contracts (May contract -8 basis points per pound).  

The soybean oil market is expected to come under additional selling pressure this week unless…

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