CBOT Soybean Oil Futures Fall, December Contracts Down 0.5% as Crude Oil Drops 5%

According to Jin10 Futures, CBOT soybean oil futures fell on Monday, with December contracts down 0.5%, tracking a 5% decline in crude oil following a preliminary peace agreement between the U.S. and Iran. July contracts briefly touched a 7-week low while December futures hit their lowest level in six weeks, trading in a range from 67.82 to 69.38 cents.

U.S. soybean oil inventory data provided support for prices, however. The National Oilseed Processors Association (NOPA) reported that soybean oil stocks stood at 1.74 billion pounds as of end-May, below market expectations of 1.86 billion pounds and marking a 5-month low.