Soybean Oil Futures Marginally Lower

Soybean oil futures settled about 1/4 percent lower (July contract -5 basis points per pound) on Monday while the palm oil market was closed in observance of a holiday. Soybean oil futures followed crude oil prices higher early in U.S. trading after the announcement by Saudi Arabia that it was cutting output sent prices sharply higher. However, crude oil and soybean oil sold off through most…