U.S. soybean oil prices in Chicago settled higher, but well off the day’s highs on Monday due to late day profit taking. Stronger crude oil markets due to ongoing geopolitical risk in the Middle East and concerns that unfavorable weather could negatively impact South American soybean production sparked wide-spread short covering.
The market also climbed ahead of the latest World Agricultural Supply and Demand Estimates (WASDE) to be released by the USDA on November 9. Traders are expecting the agency will show a cut to U.S. soybean production, which would further tighten domestic and world stocks. On the CME, benchmark soy oil (December contract) pulled back from a high of 52.03 cents per pound to end the session at 50.80 cents per pound, up 144 basis points per pound, or 2.9 percent.
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