Vegetable Oil Prices Mixed, but May Head Lower
World vegetable oil markets were mixed on Wednesday as both soybean oil and palm oil traders largely ignored the movement in the energy market. Crude oil remained under pressure for most of the overnight session and during U.S. trading hours and was down about two percent at the close of U.S. agricultural trading.
Soybean oil futures fell more than 1 1/4 percent (July contract -35 basis points per pound) as broad selling across agricultural futures and weakness in soybean prices triggered selling. Fund oil share spreading also weighed on prices. The decline left the most actively traded July contract back below the psychologically important 26-cent level, which erased most of the gains made last week.
Palm oil futures gained almost two percent (July contract…
11.18.2024
EIA reduces US biomass-based diesel consumption forecast for 2024, 2025
The US Energy Information Administration’s (EIA) monthly Short-Term Energy Outlook (STEO) released on Wednesday November 13, reduced its 2024 and 2025 forecasts for the consumption biomass-based diesel (BBD). The...
11.18.2024
UCO prices rise to start week; December cattle slaughter expected to decline
Used cooking oil (UCO) prices edged higher in the US Gulf Coast on Monday November 18, amid an otherwise quiet start to the week...
11.18.2024
Missouri River, Texas Panhandle ruminant bloodmeal prices higher on active demand
US animal proteins were steady to higher on Monday November 18.
Bloodmeal demand was indicated as active by market sources, although some buyer hesitancy was reported. Ruminant bloodmeal...