On June 29, according to media reports, the Chicago Board of Trade (CBOT) soybean oil futures market closed down on Wednesday, with the benchmark period closing about 2.70% lower, as the outlook for rainfall in the Midwest improved.
As of the close, soybean oil futures fell by 0.93 cents to 1.90 cents, of which the July futures closed down 0.93 cents at 59.62 cents per pound; the August futures closed down 1.23 cents at 57.67 cents /lb; the December contract closed 1.54 cents lower at 55.58 cents/lb.
The most active trading range for December futures is between 55.30 cents and 58.16 cents. The USDA will release its weekly export sales report on Thursday.
Analysts estimate that soyoil sales ranged from zero to 20,000 tons in the week ended June 22, compared with 200 tons a week earlier.
Volume in soyoil futures was estimated at 174,529 lots Wednesday, compared with 183,140 lots in the previous session. The volume of empty positions was 486,884 hands, compared with 490,118 hands in the previous trading day.
