Soybean oil futures prices edged higher as end users

Soybean oil futures prices edged higher as end users secured forward contracts ahead of potential export taxes in South America. This preemptive demand could cushion any seasonal price dips. Nov 25 Soybeans  closed at $10.13, up 11 1/4 cents, Premiums for those positions started the day higher, compensating for the drop in CME futures, but lost steam during the day to end virtually unchanged day on day. The October basis was assessed at a discount of 1.40 cents per lb under October futures. Soybean oil futures prices firmed on increased crush margins, with traders betting on sustained processing activity in the U.S. Midwest. Volatility is expected as geopolitical tensions impact global shipment routes.