World Vegetable Oil Markets Mixed Ahead of Holiday Trading
World vegetable markets were mixed on Wednesday, but in the opposite direction from Tuesday with palm oil lower while soybean oil rallied. A resumption of the rally in crude oil helped support soybean oil while technical selling weighed on palm oil.
Soybean oil futures rose about one percent (July contract +27 basis points per pound) on the strength in crude oil and buying at the 5-day exponential moving average. However, technically driven selling at the upper Bollinger band limited the advance. The move erased the decline yesterday and left the most actively traded July contract at its highest level since April 9. If soybean oil futures continue to rally, the next level of resistance is likely to occur at the post-coronavirus high at 27.81, which is a little less than 1/2 cent above 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...