Edible oil futures prices were lower on Tuesday. Palm oil markets fell overnight alongside weakness in rival vegetable oils as well as expectations for higher production. Leaking lower on bearish fundamental and technical factors, soybean oil futures crumbled below 48 cents per pound on Tuesday. On the CME, the most widely traded soybean oil futures contract (July) ended at 47.45 cents per pound, down a whopping 224 basis points per pound, or 4.5 percent.

Rapid planting progress in the U.S. corn belt helped to weigh on soybean oil prices. The USDA’s Crop Progress Report released after the market close on Monday showed 49 percent of the U.S. soybean crop had been planted as of the week ending May 14, up from 35 percent the week before and 27 percent during the same week in 2022. The figure was up from the five-year average of 36…