Edible Oil Prices Follow Crude Oil Market Lower

World vegetable oil prices were sharply lower on Monday, as profit-taking and broad-based selling pressed on palm oil and soybean oil futures markets at the start of the week. Most commodity prices, particularly crude oil, were pushed lower by reports that negotiators from Russia and Ukraine would hold additional cease-fire talks on Monday. Palm oil and soybean oil futures were under additional pressure due to improved weather in South America, above-normal temperature forecasts for the U.S. Midwest growing region, and weakness in soyoil on the Dalian. The weakness was driven by reports China may be selling soybeans and soybean oil from its government reserves and fears that new pandemic lockdowns in Shanghai and Shenzhen, a major trade export hub, could dent edible oil demand.

In the U.S., benchmark soybean oil futures finished 2.75 percent down (May contract -208 basis points per pound) below 74 cents…