Soy Oil Tracks Meal Prices Higher, Palm Oil Slides on MPOB Data

Vegetable oil prices were mixed on Thursday, as traders took profits in palm oil futures following a 10-percent rally on Wednesday. U.S. soybean oil futures traded positive and negative before ending less than one percent higher as meal values hovered near record highs. Benchmark soybean oil futures closed 0.7 percent up (May contract +53 basis points per pound). Deferred contracts rose from 0.3 percent to 1.3 percent (December contract +79 basis points per pound. Gains in soybean oil markets were capped by improved weather forecasts for central Argentina and southern Brazil that should contain additional crop losses due to the La Nina-related issues from earlier in the season. In its World Agricultural Supply and Demand Estimates (WASDE) released on Wednesday, the USDA reduced Argentina’s 2021/22 soybean production outlook by 1.5 million tonnes to 43.5 million tonnes and cut Brazil’s prohjected…