US soybean oil futures in Chicago ended lower again on Tuesday April 9 due to profit taking. May delivery soybean oil futures settled at $0.4752 per pound, down 38 basis points per lb, or 0.8%. The July soybean oil futures contract was down 41 basis points per lb, or 0.85%, to $0.4804 per lb at the closing bell.

Soybean oil share on the May futures contracts eased slightly on the day to 41.45%. Since February, soybean oil’s percent share has ranged between 40% and 42% but has failed to push through 43%. If oil share remains near 41%, soybean oil futures prices will likely decline toward $0.4300 per lb. However, if oil share climbs to 44% or higher, soybean oil prices could solidly move into a price range of $0.4700-$0.4900 per lb.

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