Soy Oil Futures Sink as Funds Liquidate Length across Soy Complex

Vegetable oil prices were softer to open the new week on Monday. Palm oil futures in Malaysia relinquished early gains to end solidly lower, while soybean oil futures in the U.S. plunged as funds liquidated length across the oilseed complex ahead of the August 31 first notice day. Soybean and soy oil prices were also pressured by improved crop growing weather in the heart of the Midwest  Following rain this past weekend, additional rounds of precipitation are expected for many areas of the Corn Belt through the start of next week, forecasts showed.

After the market close on Monday, the USDA said in its Crop Progress report for the week ending August 29, 56 percent of the soybean crop was rated good or excellent, unchanged from the week prior but below the 76 percent reported a year earlier. Market expectations had called for a rating of…