For a fifth consecutive session, U.S. soybean oil futures closed higher. Modest gains on Tuesday were driven by a rebound in crude oil, strong edible oil demand from China, and higher rapeseed prices in Europe. However, the liquidation of long oil share positions weighed on the market and benchmark soybean oil futures ended less than one percent higher (December contract +37 basis points per pound). Deferred contracts were up less than 1/2 percent (October 2022 +6 basis points per pound). Oil share for most contracts held above 49 percent.

A slowdown in the U.S. crop harvest may have also offered some upside support, traders said. In its latest Crop Progress Report, the United States Department of Agriculture (USDA) said 60 percent of the U.S. soybean harvest was complete as of the week ending October 18, up from 49 percent the week prior but below the 73 percent during the same week last year. USDA also reported the corn harvest was 52 percent complete, compared to…