Vegetable Oil Prices Rally Despite Drop in Crude
World vegetable oil prices rallied on Wednesday despite profit-taking in crude oil futures. Palm oil futures traded for the first time in almost a week and rallied on bullish data while technically driven buying in soybean oil futures and spreading by funds contributed to the strength in soybean oil.
Soybean oil futures rose into the upper end of the new trading range and settled at the highest price since April 9, with contracts gaining more than one percent (July contract +33 basis points). Selling at the upper Bollinger band limited the advance, which left the most actively traded July contract just 40 basis points from the upper bound of the new trading range. If the July contract can breach the 28-cent level, there is little technical resistance until it reaches 30 cents. The Jacobsen believes soybean oil futures…
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...