Edible Oil Prices Rally, Soy Oil Gains Pared by Late Profit Taking
On Thursday, edible oil prices moved sharply higher, as bargain-hunting boosted palm oil and fund oil/meal spreading again lifted soy oil futures before profit-taking ahead of the close pared gains in the latter.
The soybean oil market also priced in the latest Weekly Export Sales Report released early by the United States Department of Agriculture (USDA), which showed net sales of 2,200 tonnes for the week ending July 22, up from 700 tonnes a week earlier. Increases were reported for Canada (1,300 tonnes) and Mexico (900 tonnes).
Weekly exports of 1,200 tonnes fell 58 percent from the prior week and were down 48 percent from the four-week average. Export destinations were Mexico (900 tonnes) and Canada (300…
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