Cash vegetable oil prices were little changed to higher on Monday May 6. Outright prices tracked gains in Malaysian palm oil and US soybean oil futures markets.

The soybean futures complex on the Chicago Mercantile Exchange (CME) climbed on Monday due to short covering. The advance was driven by weather-related worries over crop development in South America and concerns that workers’ strikes planned for later this week in Argentina could impact the country’s soybean processing.

Soybean oil futures ended higher in the week’s opening session on short covering. The July soybean oil futures contract closed at $0.4384 per lb, increasing by 76 basis points per lb, or 1.76%.

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