CBOT soybean oil falls with benchmark futures down 2.07%

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On May 24th, according to foreign media reports, the soybean oil futures market of the Chicago Board of Trade (CBOT) closed down on Tuesday, with the benchmark futures contract falling 2.07% due to the decline in the external vegetable oil market and the bright prospects for U.S. soybean production. At the close, soybean oil futures fell from 0.76 cents to 1.01 cents, with the July contract down 1.01 cents to settle at 47.76 cents per pound, the August contract down 0.92 cents to settle at 47.87 cents per pound, and the December contract down 0.77 cents to settle at 47.55 cents per pound. The most active July contract traded between 47.34 cents and 48.88 cents. Despite the strong rise in international crude oil futures, Malaysian palm oil futures have fallen, and early growth of U.S. soybeans has been strong due to rapid planting progress, putting pressure on the soybean oil market.