Cash prices for most US vegetable oils were flat to lower on Monday April 29.
On the Chicago Mercantile Exchange (CME), the soybean oil futures market sank on profit taking and the liquidation of long positions by funds.
May soybean oil futures ended the session at $0.4369 per lb, down by 124 basis points per lb or 2.76%. July soybean oil futures closed at $0.4437 per lb, declining by 117 basis points per lb or 2.57%.
On Monday, the USDA’s crop progress report released after the market close showed that US farmers planted 18% of the soybean crop as of the week to Sunday April 28, up week on week from 8%, up year on year from 18% and above the five-year average of 10%.
The key window for planting soybeans typically takes place from the first week of May through the first week of June. During this time, farmers seed about 75% of the US crop.
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