Rising Political Tensions Weigh on Soybean Oil Prices
Soybean oil futures were lower on Thursday on the increase in political tensions between the United States and China that triggered selling across the soybean complex. Technically driven selling at the upper Bollinger band also contributed to the weakness, but buying at the 5-day exponential moving average limited the decline. Futures fell by more than 3/4 percent (July contract -25 basis points per pound) but did not do any significant damage to the technical outlook for the market. Light oil/meal spreading by the funds limited the decline, but the activity was…
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...