Vegetable Oil Prices Mixed Following Bullish NOPA Data

World vegetable oil prices were mixed on Monday as overnight weakness in crude oil weighed on both the soybean oil and palm oil markets. However, bullish data from the National Oilseed Processors Association (NOPA) and a sharp rally in crude oil prices during U.S. trading hours reversed the decline in soybean oil contracts.

The rally drove soybean oil futures almost three percent above the overnight lows to leave most contracts up more than 3/4 percent (July contract +24 basis points per pound) for the day. Selling just below the 10-day and at the 15-day moving averages limited the gains, while buying below the 20-day moving average helped support prices for the second consecutive day. The most actively traded July contract tested the key psychological 27-cent level overnight and bounced, which should provide…