Soybean Oil Prices Drift Lower on Profit-Taking

Soybean oil futures were mixed on Monday as lower oil prices and selling across the soybean complex weighed on values. Nearby futures fell by less than 1/4 percent (July contract -4 basis points per pound), while deferred contracts were unchanged (March 2021 contract) or rose by less than 1/4 percent (July 2021 contract +4 basis points). The selling was mostly technically driven profit-taking following sharp gains on Friday….