Vegetable Oil Prices Rally Sharply As Crude Continues Rally
World vegetable oil prices moved sharply higher on Friday as crude continued its torrid move higher. Crude oil was more than five percent higher at the end of U.S. agricultural trading, which contributed to the gains in soybean oil and palm oil.
Soybean oil futures jumped about 1 1/2 percent (July contract +40 basis points per pound) despite the National Oilseed Processors Association’s (NOPA’s) larger-than-expected end-of-April soybean oil inventories estimate. NOPA reported soybean oil stocks among members totaled 2.11 billion pounds, which was above analysts’ expectation of 2.03 billion. The move left the July contract just below the trend line formed by the highs on April 13 and May 11. The rally over the last two days has driven the July contract to the upper end of the recent range. However, selling above…
01.22.2025
Be8, Cemvita to study glycerin-to-SAF feasibility in Brazil
Brazilian biofuels producer Be8 and US-based biotech company Cemvita signed a memorandum of understanding to study the technical and economic feasibility of converting glycerin into sustainable aviation fuel (SAF),...
01.22.2025
CWG prices jump 17% from prior week on strong renewable demand
The choice white grease (CWG) market continued to trade higher on Wednesday January 22 with deals done as high as 42 cents per lb FOB Missouri River, but the...
01.22.2025
US weekly wheat, soybean export inspections decline; corn up 7%
Export inspections of US grains showed a decline for soybean and wheat, while corn increased in the week to January 16, according to data from the USDA released on...