Vegetable Oil Prices Open Holiday-Shortened Week Mixed

Vegetable Oil Prices Open Holiday-Shortened Week Mixed

Vegetable Oil Prices Open Holiday-Shortened Week Mixed

World edible oil prices were mixed to start the new week on Monday. Malaysian palm oil futures were lower for a second straight day, in step with weaker soybean oil prices on the Dalian. Gains in soybeans and crude oil markets, combined with fund oil/meal spreading, pushed nearby and benchmark U.S. soybean oil prices more than two percent higher. Although the seasonal pattern for soybean prices heading into the end of the year is pointed to the upside, harvest pressure remains one of the biggest downside price risks for soybeans and soybean oil markets. Favorable growing conditions in Brazil and Argentina and the near completion of the U.S. soybean harvest could weigh on near-term values. The USDA reported on Monday that 95 percent of the U.S. soybean harvest season was wrapped up as of the week ending November 21. This was up from 92 percent the week prior but down from last year’s 98 percent and the…

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