World vegetable oil prices were mixed on Monday. Slower exports out of Malaysia and overnight weakness in crude oil futures weighed on palm oil values. Soybean oil prices, however, ran higher, in sync with rallying wheat prices and a rebound in crude oil during U.S. trading hours.
West Texas Intermediate (WTI) crude oil prices shed early losses that were triggered by reports China released diesel and gasoline stocks to help ease supply shortfalls. Crude oil values recovered amid fears that the Organization of Petroleum Exporting Countries (OPEC+) will decide to maintain current oil production levels despite tightening world supplies. OPEC and allies meet on November 4. The December West Texas Intermediate (WTI) contract settled about 1/2 percent higher above $84 per barrel at $84.05 per barrel. The contract faces resistance at 63.60 cents and 64 cents, with support at 60.50 cents and 59.20 cents.
Like the crude oil market, U.S soybean oil prices were volatile but…
04.29.2024
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