Soybean Oil Moves Higher as Palm Slides from Record Close

Edible oil prices were mixed on Thursday. Palm oil markets retreated in Malaysian trading due to weakness on the Dalian and profit-taking after the benchmark contract reached another fresh record high close on Wednesday. U.S. soybean oil prices were choppy in early U.S. trading on position adjustment before the expiration of the October contract. However, strength in crude oil and oilseeds pushed soybean oil markets to the upside by the closing bell.

October soybean oil futures expired one percent higher (+58 basis points per pound), while benchmark soybean oil jumped more than 1.4 percent (December +85 basis points per pound). Gains for deferred contracts were smaller in percentage terms, ranging from one percent or less (October 2022 +26 basis points per pound), with the rapid pace of the U.S. Midwest harvest season weighing. Forceasts for variable weather conditions…