Soybean Crop Delay Reverses Soybean Oil Futures

The delay in the harvest of our domestic soybean crop may be behind the reversal of soybean oil futures.  Soybean oil is used to make an alternative oil for fuel and for cooking.

Its alternative, palm oil, is at its highest level for the most-active contract since mid-September.  Soybean oil futures have gained more than 1.3% since yesterday, reaching as high as 40.68 cents a pound.
           
Soybean oil has advanced for a third day to the highest level in a couple weeks, in my opinion on speculation that upcoming rains in the U.S. may delay the harvest of soybean crop, crushed to make an alternative oil used in food and fuel,” said Mason Ching, Automated Trading Manager, Global Futures Exchange & Trading Company in Encino, CA, regarding the current soybean futures situation.

Both soybean futures and soybean oil trends are down, soybean oil the weakest.  I am still trying to find a low-risk entry into a short soybean futures position.

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