US soybean oil futures trading on the Chicago Mercantile Exchange shed early gains and decreased by the closing bell on Wednesday September 11. benchmark soybean oil prices settled below $0.4000 per lb due to lingering demand concerns and amid losses in the heating oil market.
The October soy oil contract settled at $0.3978 per lb, down by $0.0051 per lb, or 1.27%, from a close of $0.4029 per lb on Tuesday September 10. December soybean oil futures ended the Wednesday session at $0.3930 per lb, down by $0.0033 per lb, or 0.83%, from $0.3963 per lb a day earlier.
The soybean oil market rose in early trading at midweek, with funds covering short positions before the release of the USDA’s World Agricultural Supply and Demand Estimates (WASDE) report on Thursday September 12.
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