Soybean oil futures on the Chicago Mercantile Exchange rose for a third consecutive day on Wednesday July 3. With managed money holding a very large amount of net short positions, traders once again covered themselves in light trade before the US Independence Day holiday on Thursday July 4.

The August soybean oil futures contract reached fresh multi-month highs, settling at $0.4864 per lb on Wednesday, up by 160 basis points, or 3.4%, from a close of $0.4704 per lb on Tuesday July 2. Over the last three trading sessions, August soy oil futures gained 457 basis points per lb, or 10.37%, since June 28.

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