Vegetable Oil Prices Climb on Fundamentals, Oil/Meal Spreading

Vegetable Oil Prices Climb on Fundamentals, Oil/Meal Spreading

World edible oil prices advanced on Tuesday, with palm oil futures moving higher for a third straight day. The advance was supported by weaker production, rising exports, and overnight strength in soybean oil prices. Soy oil futures continued to climb during U.S. trading hours on oil/meal spreading, as soybean meal prices lost more than one percent after a rally the day before.

With funds building long oil share positions, benchmark soybean oil futures ended about 1.7 percent higher (December contract +97 basis points per pound per pound). January soybean oil futures increased 1 3/4 percent (+101 basis points per pound), while most deferred contracts climbed by a slightly smaller amount (July 2022 contract +91 basis points per pound). Slumping to five-month lows on Monday, oil share for most contracts moved up to about 44.6 cents with the advance in futures.

Still, harvest pressure remains one of the largest downside price risks for soybean and soybean…

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