Palm Oil Prices End Higher after Bullish MPOB Data, while Soy Oil Slides

Vegetable oil prices were mixed on Monday. Benchmark palm oil futures reversed early profit-taking losses to end slightly higher after the Malaysian Palm Oil Board (MPOB) released a bullish supply and demand report for December 2021. In Chicago, the soybean futures complex tumbled, as participants booked profits and liquidated long positions ahead of the January 12 release of the USDA’s World Agricultural Supply and Demand Estimates (WASDE).The market anticipates the USDA will raise its soybean stock and production estimates.

Benchmark soybean oil futures in Chicago closed 1.3 percent lower (March contract -75 basis points per pound). Contracts at the back end of the forward curve were down about one percent or less (May contract -63 basis points per pound). Soybean meal futures rallied to new record highs in all contract months…