Concerns About Rising Inventories Continue to Pressure World Vegetable Oil Prices
World vegetable oil prices continued to move lower on Wednesday as concerns about demand and weakness in crude oil prices triggered selling. The move was not as correlated with crude oil as the end of the day prices might suggest as vegetable oil prices fell right from the opening of trading during the overnight session and the decline accelerated when crude oil started to move lower.
Soybean oil futures fell about 1 3/4 percent (July contract -47 basis points per pound) as selling across the soybean complex due to concerns about rising tensions between the United States and Chinese governments added to the pressure from the bearish fundamentals. The decline was the largest daily change in more than a week and left the most actively traded July contract back below 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...