On Wednesday, vegetable oil prices were lower in step with weakness on the Dalian that was triggered by a fresh round of Delta variant coronavirus infections in China. Apart from fears that rising infection rates could dent demand, edible oil prices were also down amid a drop in energy futures. West Texas Intermediate (WTI) crude oil futures failed to test Monday’s high of $85.41 per barrel after inventory data showed U.S. crude oil stocks increases by 2.3 million barrels last week, and the benchmark contract ended the midweek session percent down 2.4 percent (-$1.99) at $82.66 per barrel.

Nearby soybean oil contracts were down one to 1.5 percent (December contract -89 basis points per pound and January contract -73 basis points per pound), with the liquidation of long oil share positions contributing to the weakness. Losses for deferred contracts were smaller (May 2022 -51 basis points per pound). December soybean oil faces support at 60.60 cents and resistance at…