SOYBEAN OIL LOWER ON TECHNICALLY-DRIVEN SELLING, WEAKNESS IN COMPETING VEGETABLE OIL PRICES

Soybean futures rallied on Monday, supported by technically-driven buying as the nearby contract tested the psychologically important $9 per bushel level. It was the second consecutive day the nearby contract set a low at or 1/4 cent above the $9 barrier. Prices were also supported by expectations that China will purchase…