Palm Oil Prices Rally Ahead of Holiday

The rally in vegetable oil prices accelerated as short-covering ahead of a national holiday on Thursday led palm oil prices sharply higher. The gains in palm oil triggered oil/meal spreading in the soybean oil markets, driving soybean oil prices to outpace modest gains in soybean futures. Gains in vegetable oil futures on the Dalian exchange also helped support prices. However, palm oil’s relative outperformance narrowed the spread between soybean oil and palm oil contracts, with the spread between…