** Please note, The Jacobsen will not publish a Vegetable Oils bulletin on Monday, June 19th**
Global vegetable oil futures surged on Friday, with short covering and fresh buying boosting palm oil and soybean oil markets sharply higher. Robust energy prices, as well as short- and long-term forecasts for dry and hot weather for major growing areas of the U.S Midwest and Southeast Asia underpinned the advance. The U.S. markets will be closed on June 19.
On the CME, benchmark July soybean oil futures settled at 59.69 cents per pound, up 126 basis points per pound, or 2.2 percent, on the day and 9.3 percent on the week. The August contract finished at 58.76 cents per pound, up 131 basis points per pound, or 2.3 percent, for the session and 9.8 percent for the week.
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