Soy Oil Prices Climb with Crude Oil; Palm Oil Slips on Output Rebound

Soy Oil Prices Climb with Crude Oil; Palm Oil Slips on Output Rebound

Soy Oil Prices Climb with Crude Oil; Palm Oil Slips on Output Rebound

Capping off another week of extremely volatile trade for agricultural and energy markets, world edible oil prices ended on a mixed note on Friday. Ahead of the weekend, funds took profits and liquidated long positions in palm oil futures while they built long oil share positions in U.S. soybean oil markets. The most actively traded soybean oil futures contract ended 1.8 percent higher (May contract +135 basis points per pound). For the week, May futures were down one percent. Soybean oil contracts at the back end of the forward curve rose slightly less than one percent (December contract +60 basis points per pound). Although favorable weather outlooks for major crop-growing areas in South America contributed to an early bearish tone, soybean oil futures in Chicago were lifted by an uptick in crude oil prices. West Texas Intermediate (WTI) crude oil futures finished three percent higher…

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