World edible oil markets were higher on Monday, as worries over El Nino and dry weather conditions in the U.S. Midwest drove gains in soybean oil and palm oil futures.
In Chicago, July soybean oil futures closed at 59.51 cents per pound, up 157 basis points, or 2.7 percent on the day. August soy oil futures ended 143 basis points per pound, or 2.53 percent, higher at 58.00 cents per pound. The focus on the weather will continue as the U.S. soybean crop moves into critical development stages in the coming weeks. Rain fell this past weekend on some areas of the Midwest growing region, but more is needed. Updated forecasts show more precipitation by the end of the week for much of the Corn Belt.
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