Vegetable Oil Prices Mixed after Sharp Rally in Crude
Vegetable oil markets followed crude on Thursday, which was mostly unchanged overnight or slightly lower but rallied sharply during U.S. trading hours to settle almost 10 percent higher by the end of the U.S. equity session. As a result, palm oil futures ended the day narrowly mixed, while soybean oil futures settled sharply higher.
Soybean oil prices rose about one percent (July contract +27 basis points per pound). However, prices settled about 1/2 percent off the high of the day as profit-taking at the 5-day exponential, and 10-day moving averages limited the advance. The move, which was the first day futures settled higher this week, drove the most actively traded July contract back above the psychologically important 26-cent level. If prices move higher in the short term, it could signal a narrowing of 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...