Soybean Oil Falls Sharply Ahead of Holiday Weekend
Soybean oil futures dropped sharply on Friday as profit-taking ahead of the long holiday weekend triggered technically-driven selling to drive prices just above the upper end of the recent trading range. Nearby futures contracts fell by about 1 3/4 percent (July contract -47 basis points per pound), but losses in deferred contracts were smaller with late 2021 contracts down less than one percent. The liquidation of long oil share positions by speculators contributed to the weakness as soybean meal prices rose by more than 1/2 percent despite basically unchanged soybean prices.
Whether soybean oil will revert into the recent trading range or the decline of the last two sessions will be reversed will depend, in part, on the direction of crude oil. Crude oil futures have continued to move higher relative to soybean oil…
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...
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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...
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US animal protein prices steady to firmer week on week; SBM under pressure
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