Vegetable oil prices plunged on Tuesday, with commodity markets embracing a broad-based sell-off. Increasing production in Southeast Asia, weak global edible oil demand, improved weather forecasts for the U.S. Midwest growing region, and a bearish macroeconomic outlook, all weighed on palm oil and soybean oil futures. 

Other outside markets were lower as well, under pressure ahead of Wednesday’s U.S. House vote on a proposal to hike the U.S. debt ceiling. It remains unclear if some lawmakers may try to block the bipartisan deal.

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