U.S. Soybean Oil Futures Extend Higher on Oil/Meal Spreading

On Wednesday, world edible oil prices climbed higher. Palm oil futures in Malaysia were up alongside overnight gains in soy oil prices in the U.S. and on the Dalian. For a third straight session, U.S. soybean oil futures advanced, with prices supported by diminished crop growing conditions and oil/meal spreading.

Nearby soy oil futures closed the day 1.3 percent higher (September contract +80 basis points per pound), as the benchmark price ended about one percent up (December contract +69 basis points per pound). Most deferred soybean oil contracts saw slightly stronger gains in percentage terms of as much as 1 1/2 percent (July 2022 contract +92 basis points per pound).

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