Palm Oil Prices Surge, Soy Oil Pares Early Gains as WTI Crude Slips

Palm Oil Prices Surge, Soy Oil Pares Early Gains as WTI Crude Slips

Vegetable oil prices were higher at midweek with mproved export demand driving the market advance. Palm oil futures rose more than two percent, while soybean oil pared early gains to end just a fraction higher at the closing bell.

Soybean oil futures climbed overnight and continued to rise during early U.S. trading hours after the USDA disclosed a 30,000-tonne sale of soybean oil to India. Funds started to liquidate long oil share positions, however, as meal prices jumped, and West Texas Intermediate (WTI) crude oil prices turned negative on indications of increasing global supply. January WTI futures slumped below $79 per barrel to close three percent lower (-$2.40 per barrel). With WTI prices reversing course, soybean oil prices trimmed gains, and benchmark futures settled just 0.1-percent higher (December contract +6 basis points per pound). January 2022 soybean oil futures finished 1/4 percent higher (+14 basis points per pound). Aside from harvest pressure in the U.S as…

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