Veg Oil Prices Rally on Oil/Meal Spreading, Rising Palm Oil Exports

Veg Oil Prices Rally on Oil/Meal Spreading, Rising Palm Oil Exports

Veg Oil Prices Rally on Oil/Meal Spreading, Rising Palm Oil Exports

Vegetable oil prices in the United States and Malaysia rallied on Wednesday. Tracking ongoing strength in soy oil, palm oil futures rose for a third consecutive day, buoyed further by indications of a rebound in export demand. Soybean oil prices ended more than two percent higher on oil/meal spreading and in step with strength in crude oil and soybean markets.     

Soy complex prices gained support after the National Oilseed Processors Association (NOPA) reported that its members crushed 158.8 million bushels of soybeans in August, which was well above market expectations of 154.18 million bushels. The U.S. August crushing volumes compared to 155.11 million bushels processed in July and 165.055 million bushels crushed in August 2020.

At the end of August, soybean oil stocks among NOPA members totaled 1.668 billion pounds, also coming in much higher…

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