Fundamental Data Drives Soybean Oil Prices Above Key Level

Bullish fundamental data drove palm oil and soybean oil prices higher on Tuesday, with soybean oil prices breaching a key technical level and palm oil futures settling at fresh life-of-contract highs. The data from the United States Department of Agriculture (USDA) and the Malaysian Palm Oil Board (MPOB) was generally in line with expectations. Still, traders drove prices higher on the confirmation of analysts’ pre-report estimates.

Higher energy prices also contributed to the bullish tone as a 2 3/4-percent gain in the West Texas Intermediate (WTI) benchmark contract left it well above the $41 per barrel level. Once again, continued optimism about developments for a coronavirus vaccine outweighed concerns about the pandemic’s acceleration across Europe and portions of the United States. A report from the Energy Information Administration (EIA) indicating 2020 U.S….