Profit Taking Weighs on Edible Oils Markets at Year’s End

World edible oil prices continued slightly mixed on Wednesday, with year-end profit-taking pressing on palm oil futures while keeping gains in soybean oil markets to a minimum. Following a string of up days, palm oil prices in Malaysia retreated, tracking overnight weakness in soybean oil prices in Chicago. However, soybean oil futures pared the early selling losses and moved slightly higher thanks to bullish weather forecasts for South America’s soybean growing areas over the next two weeks.

Benchmark soybean oil futures ended 1/4 percent up at midweek (January 2022 contract +15 basis points per pound). Contracts for delivery later in 2022 were up 1/2 percent in some cases (May 2022 contract +27 basis points per pound). Continued strength in crude oil futures also helped to boost soybean oil markets. February West Texas Intermediate crude oil futures (WTI) closed at $76.56 per barrel (+$58…