Soy, Palm Oil Prices Climb ahead of Holiday Weekend

Soy, Palm Oil Prices Climb ahead of Holiday Weekend

**Please note-No bulletin/price guide will be published on Monday, May 29 in observance of the Memorial Day holiday.**

Global edible oil prices were higher for a third straight session on Friday, as participants covered positions heading into the U.S. Memorial Day holiday weekend. Soybean oil market gains were supported by improved sentiment in equities and other commodities like energy due to possible progress in U.S. debt ceiling talks, as well as forecasts for warmer but drier weather in the Upper U.S. Midwest and eastern Corn Belt over the next few weeks. Still, the afternoon liquidation of long oil share positions pressured soybean oil prices, which ended up but off session highs. The most actively traded soybean oil contract in Chicago (July) settled near 49.00 cents per pound today.

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