Strength in Oilseed Markets Lifts Soybean Oil Prices
Vegetable oil prices were mixed again on Thursday as palm oil futures dropped following the move lower in soybean oil on Wednesday, but soybean oil contracts rose on strength in oilseed markets. Oil/meal spreading and bull spreading across the soybean oil curve also helped support soybean oil prices. Robust export sales data also added to the bullish tone in the soybean oil market.
The United States Department of Agriculture (USDA) reported export sales of soybean oil during the week ending April 1 totaled 15,700 tonnes, up more than 50 percent from the four-week average, but nearly 20 percent below the five-year average for the week.
Weekly…
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