Palm Oil Prices Climb, Soybean Oil Futures Slip on Liquidation

Global edible oil prices ended mixed again during the Tuesday trading session. Benchmark palm oil futures rose more than one percent, while soybean oil futures declined a similar amount due to a stronger United States dollar and fund liquidation of long oil share positions.

Late day losses in crude oil prices and a rapidly progressing crop harvest in the Midwest weighed on the soybean complex. The United States Department of Agriculture (USDA) said Monday the soybean harvest, while still in the early stages, was 16 percent complete as of the week ended September 27. The figure was slightly above the five-year average of 13 percent. Traders also squared positions ahead of the September 30 release of USDA’s quarterly stock report for grains. The market expects USDA will show U.S. soybean inventories totaled 174 million bushels as of September 1, compared to 175 million bushels projected in…