Rally in Crude Oil Lifts World Vegetable Oil Prices
A bounce in crude oil prices helped world vegetable oil markets recover a small portion of the declines posted on Tuesday. However, the commodities recovered from oversold levels, and the strength of the bounce is questionable. There is still little if any, storage in Cushing and the world remains historically oversupplied with crude oil, so if crude prices can not sustain the recovery, world vegetable oil prices could resume the move lower.
Soybean oil futures gained a little more than 3/4 percent (July contract +23 basis points) and settled well below the high of the day. However, the move was enough to leave the most actively traded July contract back within the…
11.15.2024
October soybean crush reaches all-time monthly high; biofuel demand limits rise in soybean oil stocks
The National Oilseed Processors Association (NOPA) reported the October soybean crush at a record monthly high of 199.9592 million bushels, eclipsing the previous record of 196.406 million bushels set...
11.15.2024
UCO 2025 market clouded by China’s cancellation of export rebate
China will cancel its current 13% export tax rebate for used cooking oil (UCO), a key biofuel feedstock, effective December 1, the country’s Ministry of Finance and the State...
11.15.2024
US animal protein prices steady to firmer week on week; SBM under pressure
The US animal proteins market was steady to higher in the week to Friday November 15. Even with decreases in Chicago Board of Trade (CBOT) soybean meal futures, prices...