Soybean oil futures in Chicago ended slightly lower on Monday following a quiet weekly opener. Prices traded in narrow ranges during the session with little change in the fundamental landscape.

Soybean oil futures were buoyed early in the day by fleeting gains in crude oil prices that were driven by Saudi Arabia’s weekend announcement that it will cut crude oil production by one million barrels per day staring in July. The cut was disclosed after a weekend meeting with OPEC+ and was prompted by worries that a likely economic slowdown in the next few months will negatively impact global energy demand. 

On the CME, July soybean oil futures closed at 49.26 cents per pound, down 24 basis points per pound, or 0.5 percent.  August soy oil ended the day at 49.19 cents per pound, down 28 basis points per pound, or 0.6 percent. 

U.S. soybean plantings are proceeding at an above-average pace. As of the week ended…