Benchmark soybean oil prices declined more than two percent on Thursday, as funds booked profits and continued to liquidate long oil share positions. The soy oil market faced downside pressure from a rising U.S. dollar, weaker soybean and meal prices, and softer crude oil prices. After a very volatile session, West Texas Intermediate (WTI) crude prices pared early gains and moved lower. OPEC+ members decided to keep current production levels in place although global stockpiles remain tight and various countries called on the cartel to increase output. January WTI crude oil futures finished 2.5 percent lower below $79 per barrel (January contract -$2.05).

The most actively traded soybean oil futures contract in Chicago settled 2.4 percent lower (December contract -145 basis points per pound) below 60 cents per pound. Losses for deferred contracts were not as sharp, with most down one to two percent (October 2022 -57 basis points per pound). December soybean oil faces support…