Edible Oils Up before US Holiday on Oil/Meal Spreading, Short Covering

Edible Oils Up before US Holiday on Oil/Meal Spreading, Short Covering

Edible Oils Up before US Holiday on Oil/Meal Spreading, Short Covering

Edible oil prices were higher on Wednesday, as funds continued to build long oil share positions before the November 25 Thanksgiving holiday in the U.S. The gains in CBOT soy oil futures and a weaker ringgit sparked short-covering and drove palm oil futures to a higher close for the first time in four sessions. The soybean oil market was supported by news that a 30,000-tonne cargo of soy oil was sold to India for delivery during 2021/22, highlighting the impact of the narrow price spread between soybean oil and palm oil. In addition, speculation the U.S. EPA could release federal biofuel blending volumes in the coming days also boosted prices. The EPA has recommended the White House reduce the 2020 and 2021 Renewable Volume Obligations (RVOs), which have been under review by the Office of Management and Budget for several months.

Nearby soybean oil futures settled 1.33 percent up…

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