Soybean oil futures prices plunged again this week due to weakness in heating oil and renewable identification number (RIN) markets and record high soybean crush rates in the US. May soybean oil futures settled at $0.4438 per lb on Friday April 19, down by 26 basis points per lb on the session. The July contract closed at $0.4494 per lb, declining by 28 basis points per lb. Since April 12, the May and July soybean oil futures contracts have fallen 3.4% in value.
In step with the weakness in soybean oil and other edible oils markets, benchmark June palm oil futures in Malaysia ended lower before the weekend. The contract crossed below key support at 4,000 ringgit per tonne to settle at 3,981 ringgit per tonne. This was down by 58 ringgit per tonne, or 1.44%, on the day.
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