Vegetable oil prices were slightly higher on bargain buying and position covering heading into the weekend, with palm oil futures moving in tandem with a recovery in U.S. soybean oil markets.
The soybean futures complex was under sharp selling pressure earlier in the week after the U.S. EPA published final biofuel blending volumes for the next three years that were lower than the industry had hoped. Still, while rainfall is expected in many areas of the Midwest over the next few days, especially in the eastern Corn Belt, U.S. drought conditions have worsened in the central U.S. and will remain supportive for prices. The latest Drought Monitor data issued on Thursday showed 57 percent of U.S. soybean crops were under abnormally dry, or drought, conditions as of the week ending June 20. The figure was up from 51 percent the week prior.
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01.14.2025
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