Palm oil and soybean oil futures extended lower on Tuesday, weighed down by early losses in crude oil prices and improved crop conditions in the U.S. Midwest growing region after recent rainfall. Funds initially continued to liquidate long positions, as worries that early summer heat-stress to U.S. soybean crops would impact yields dissipated.
Still, soybean oil markets ended off the day’s lows thanks to a rebound in crude oil prices and late day bargain buying by funds. September delivery soybean oil futures settled at 63.98 cents per pound, down just 10 basis points per pound, while the October contract closed at 61.26 cents per pound, declining seven basis points per pound.
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07.26.2024
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