US soybean oil futures in Chicago were sharply lower on Friday September 6 due to profit-taking and the liquidation of long positions ahead of the weekend.
Soybean oil markets also moved lower alongside losses in canola and crude oil prices.
October soybean oil futures closed the Friday session at $0.4021 per lb, down by $0.0148 per lb, or 3.6%, from a close of $0.4169 per lb the day prior. The December soyoil futures contract settled below $0.40 per lb at $0.3963 per lb on Friday, dropping by $0.0154 per lb, or 3.7%, from $0.4117 per lb on Thursday.
Normal seasonal temperatures and a decreased chance of rainfall are projected across much of the US Midwest crop growing region into the second half of September, updated weather maps showed.
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