Global vegetable oil futures were mixed on Thursday. Palm oil futures posted a modest gain on the day, while soybean oil markets followed crude oil prices lower. Funds booked profits in soybean oil on forecasts for more favorable crop-growing weather in the U.S. Midwest.
Taking a pause after a two-session rally, a decline in South American soybean basis premiums also weighed on soybean oil futures today. Nearby August soy oil on the CME ended at 62.98 cents per pound, down 205 basis points per pound, or 3.15 percent. The December futures contract settled below 60.00 cents per pound, at 59.24 cents per pound, down 216 basis points per pound, or 3.50 percent.
The most actively traded palm oil futures contract finished the day at 3,911 ringgit per tonne, up 49 ringgit per tonne, or 1.27 percent. The market is in wait-and-see mode ahead of the July 10 release of monthly supply and demand figures from the Malaysian Palm Oil Board (MPOB).
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