Vegetable Oil Prices Continue Move Higher, but Reduction of Technical Pressure May Slow or Reverse Gains in Short Term
The continued recovery in crude oil futures helped lift world vegetable oil markets on Thursday, but the gains in soybean oil were much smaller than palm oil. West Texas Intermediate (WTI) futures rose about 16 percent at the end of the U.S. agricultural session but was down about $2 per gallon from the overnight highs. The rally from the low set on Tuesday has brought the WTI contract back in touch with the 5-day exponential moving average and back into the range defined by the Bollinger bands, which may slow the rally down on Friday.
Soybean oil futures gained less than 1/4 percent (July contract +5 basis points per pound) as the weakness in crude oil during U.S. trading hours contributed to steady selling for most of the session. The July contract…
12.20.2024
45z guidance fails to appear; government scrambles to pass spending bill
The US government spending bill failed twice in as many days. If a deal is not reached by midnight on Friday December 20, some federal services will...
12.20.2024
US animal fats and oils end week softer across the board ahead of holiday slowdown
Prices for US animal fats and oils ended the week on a lower note on Friday December 20, with most markets trending downward ahead of the upcoming holiday week,...
12.20.2024
December cattle on feed down on month, year
Most US animal protein prices were rangebound for the week, though in wider ranges due to the impending Christmas and New Year's holiday closures.
The only significant price...