Edible oil futures prices wallowed at multi-year lows at midweek. Disappointing export data and rising production from Malaysia, weaker-than-expected manufacturing statistics from China, and negative global macroeconomic indicators again pressed on commodity markets ahead of this evening’s U.S. House vote on a proposal to hike the U.S. debt ceiling.
On the CME, nearby soybean oil futures (July contract) ended unchanged on the session at 46.20 cents per pound. August soy oil futures finished the session 1 basis point lower at 46.31 cents per pound. Soybean oil prices are down more than 40 percent on the year, to levels not seen since early February 2021.
Figure 1.
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Runner market commentary
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