US vegetable oil markets, both cash and futures, opened the week on a subdued note on Monday February 10. Physical trading remained quiet, while futures prices edged down on light profit-taking.
On the Chicago Mercantile Exchange, benchmark March soybean oil futures settled at $0.4573 per lb, down by $0.0025 per lb from a close of $0.4598 per lb on February 7.
The day was quiet on the news front, with the market still monitoring the trade wars landscape. Over the past weekend, US President Donald Trump announced tariffs on all US aluminium and steel imports. This sparked worries of retaliatory duties from other countries on US goods, which could possibly include agricultural products.
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