Veg Oils Extend Losses on Commodity Fund Liquidation
Vegetable oil prices extended lower on Thursday as the soybean oil futures complex continued to collapse. The United States dollar rose after the Federal Reserve announced plans to raise interest rates in 2023, and this triggered broad-based liquidation across all commodities. Soybean oil futures were also under selling pressure due to the liquidation of long oil share positions, uncertainty surrounding biodiesel blending mandates, rain forecasts for the Corn Belt next week, and bearish government export data.
For the first time in more than a month, nearby soybean oil futures slumped below 60.00 cents per pound on Thursday to a low of 56.57 cents per pound before settling locked limit down and almost nine percent lower (July contract -550 basis points per pound). Heading into the close, nearby soybean oil and…
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