Vegetable oil prices continued to sell off on Wednesday, with funds taking profits and liquidating long positions, particularly in soybean oil. The pressure was exacerbated by reports that Russia has agreed to an extension of the Black Sea grain export deal. This came just a day before the Russian deadline for renewing the previous agreement on May 18.
Rapid soybean planting in the U.S. Midwest also weighed on soybean prices again at midweek. In Chicago, the benchmark soybean oil futures contract for July delivery continued to collapse, finishing the day below 47 cents per pound today at 46.41 cents per pound, down 104 basis points per pound, or more than two percent.
In Malaysia, the benchmark August palm oil futures contract on the Bursa Malaysia Exchange closed 23 ringgits per tonne, or 0.7 percent, lower at 3,434 ringgits per tonne.
By Min Jie Yaw
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12.27.2024
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