Selling, Profit-Taking Weigh on Edible Oils ahead of Weekend

World vegetable oil prices were lower on Friday, with palm oil futures tracking extended losses in competing edible oils markets. Soybean oil futures were down alongside a retreat in crude oil. The U.S. soybean complex also retreated as a whole due to lingering post-hurricane loading and shipping delays from Gulf terminals and generally favorable weather outlooks for Midwest crops that should aid maturation and the harvest.  

Nearby delivery soy oil futures closed the session almost one percent lower (October contract -54 basis points per pound) on pre-weekend profit-taking and selling. Benchmark soybean oil ended one percent down (December contract -58 basis points per pound). Since September 10, the October and December soybean oil contracts were up about one percent and 1/2 percent, respectively. Soybean oil contracts at the back end of the curve saw slightly smaller…