Soy Oil Climbs after WASDE Report, Palm Oil Sells-Off ahead of Key Data   

Vegetable oil prices were mixed again on Tuesday. Benchmark palm oil futures closed at a near one-month low, while soybean oil futures ended a streak of four down days after key monthly supply and demand data offered a few surprises.

Moving early in narrow ranges, soybeans and soybean oil futures climbed after the USDA, in its November World Agricultural Supply and Demand Estimates (WASDE), unexpectedly trimmed 2021/22 projections for U.S. soybean crop yield and output. USDA lowered its soybean production forecast by 23 million bushels to 4.42 billion bushels due to lower yields in Indiana, Iowa, Ohio, and Kansas. Although the USDA raised its projection for 2021/22 U.S. soybean ending stocks by 20 million bushels to 340 million bushels, it was still below most average market outlooks that were looking for an increase of 40 million bushels.