Fund Spreading Drives Gains in Soybean Oil Futures
World vegetable oil prices were mixed as a decline in Chinese futures weighed on prices while a rally in soybean and crude oil futures supported prices. West Texas Intermediate (WTI) futures gained nearly two percent (November contract +$0.77 per barrel) ahead of inventory data from the American Petroleum Institute (API) scheduled for release Tuesday night. The move left the benchmark contract back above the psychologically critical $40 per barrel level.
Soybean oil futures rose about 1 1/2 percent (December contract +46 basis points per pound) as the crude oil recovery triggered fund liquidation of short oil share positions. Buying at the 33-cent level helped support prices early in the overnight session, and that level is likely to remain supportive in the short term. The direction of soybean futures will be a…
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