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March soybean oil closed at a new one-year high of 32.87 cents per pound, while February Malaysian palm oil slipped 0.2% after reaching its highest level since February 2017. USDA estimates world vegetable oil stocks at 9% of annual use in 2019-20.
Noncommercial traders held nearly 100,000 net long soybean oil contracts, and expected Chinese purchases were cited as supportive.
Tight global vegetable oil stocks and expected Chinese buying support soybean oil prices and raise the value of soybean-based feed. Palm oil may consolidate after its strong rally.
dtnpf.comTodd HultmanDec 16, 2019Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
March soybean oil hit a new one-year high on Dec 16, with palm oil near multi-year highs, tight world vegetable oil stocks and expected Chinese buying all supporting the rally.
