Vegetable Oil Markets Continue Move Lower Despite Surge in Crude Oil Prices
World vegetable oil prices continued to move lower on Monday despite a massive surge in crude oil futures, which took prices from almost nine percent lower during the overnight session to settle more than eight percent higher. In addition to ignoring the rally in crude oil, the two major vegetable oil markets did not move lower for the same reasons.
Soybean oil futures lost about 1 1/4 percent (July contract -35 basis points per pound) on weakness across the soybean complex due to rising tensions between the U.S. and Chinese governments. However, futures settled well above the low of the day due to buying at the 10-day moving average. Given that political tensions are likely to continue ahead of the U.S. election, it may be difficult for soybean oil futures…
11.22.2024
Biodiesel margins rise, but window of opportunity limited
Biodiesel margins continued to rise during the week to Friday November 22. The bean oil/heating oil (BOHO) spread boosted margins by falling to its lowest level since August 27.
11.22.2024
Gulf prices average higher despite weeklong declines in SBO
For the week ended Friday November 22, packer bleachable fancy tallow (BFT) remained unchanged from the previous week’s average, while Gulf Coast-delivered tallow rose 2.7%, primarily...
11.22.2024
Bloodmeal largest price mover week on week; November cattle on feed higher
US animal protein prices were mixed to mostly higher for the week to Friday November 22, with only meat and bonemeal showing a slight price reduction due to tighter...