Soybean Oil Prices Push Higher after Massive Weekly Sell-Off

Soybean oil prices were higher on Friday, thanks to short-covering and position squaring ahead of the weekend. However, benchmark soybean oil was still down three percent on the week. The commodities and financial markets were pummeled after the Thanksgiving holiday weekend on broad-based liquidation that was caused by worries the Omicron variant could lead to new lockdowns and weaker demand for everything from energy to edible oils.  

The most actively traded soybean oil futures contract finished more than 1 1/2 percent higher (January 2022 contract +87 basis points per pound). Contracts for delivery later in 2022 rose one percent or less (May 2022 contract +60 basis points per pound). An early rebound in global crude oil prices boosted the soybean complex higher on Friday after OPEC+ announced the day prior it would make immediate adjustments to its crude oil output as needed….