The prompt market for vegetable oils was quiet on Thursday May 23, with market participants indicating that the majority of deals were already completed before the Memorial Day holiday.

Benchmark July soybean oil futures on the Chicago Mercantile Exchange gave back early gains on Thursday, ending the volatile session with a solid loss. July soybean oil futures settled at $0.4519 per lb, down by 69 basis points per lb, or 1.5%, from $0.4588 per lb the day prior.

The soy oil futures market came under selling pressure after the USDA reported that domestic net soybean oil sales reductions were 1,000 tonnes for the 2023/24 marketing year in the week to May 16. 

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