The recent rally in soybean oil futures continued on Friday July 5, following a break for the US Independence Day holiday on July 4.
On the Chicago Mercantile Exchange, August soybean oil futures settled at $0.4955 per lb on Friday, up by 91 basis points, or 1.87%, from a close of $0.4864 per lb on Wednesday. Since June 28, August soybean oil futures have increased by 548 basis points, or 12.43%, in value.
Soybean oil futures prices rallied this week, as managed money held a very large amount of net short positions. Robust soy oil exports, bullish weather outlooks for the US Midwest crop-growing region, lower-than-anticipated US soybean crush and worries of a possible trade war between Indonesia and China all worked to drive market gains this week.
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