Soybean oil prices lack upward momentum

Yesterday, vegetable oil futures prices fluctuated. MPOC stated in a report that weak global economic growth and geopolitical uncertainties in the Middle East could delay procurement by key buyers, potentially further limiting upward movement. After a sharp rise driven by crude oil prices, current oil refinery operating rates are relatively low, and soybean oil commercial inventories are at low levels, supporting prices. However, terminal consumption is in the off-season, with weak demand from food and catering sectors. Traders mostly wait and see, coupled with the decline in U.S. soybean oil, weak domestic futures, and expectations of increased soybean arrivals later, making it difficult for soybean oil prices to rise. In the short term, prices are expected to remain high and fluctuate sideways. (China Feed Industry Information Network)