# A Technical Look at the Oils

> December soybean oil closed at 61.51 cents, its highest weekly close in over a month, while November crude oil reached a contract high of $79.35. Chinese soybean crush plants were closed as part of an energy-conservation effort, pushing Chinese soybean oil prices to a new high and encouraging buyers toward Malaysian palm oil.

- Date: 2021-10-11 · published 2021-10-11T12:00:00.000Z
- Category: market · region Global · magnitude low
- Page: https://feedsoft.ai/events/44630-a-technical-look-at-the-oils
- Commodities: [Soybean Oil](https://feedsoft.ai/c/SBO.md), [Palm Oil](https://feedsoft.ai/c/PALMOIL.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md), [Soybean Meal](https://feedsoft.ai/c/SBM.md)

## Why it matters

Higher crude and energy-driven vegetable oil demand support soybean and palm oil prices, improving crush incentives that increase soybean meal supply. Feed buyers should watch rising oil costs feeding into broader feed input prices.

## Read by commodity

- SBM: neutral
- SBO: bullish ▲
- WTI: bullish ▲
- PALMOIL: bullish ▲

## Sources

- dtnpf.com: https://www.dtnpf.com/agriculture/web/ag/blogs/technically-speaking/blog-post/2021/10/11/technical-look-oils

---
Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.