Vegetable Oil Prices Mixed as Crude Oil Resumes Rally
World vegetable oil prices were mixed on Friday, while a volatile session in crude oil ultimately left prices higher. Crude oil traded lower in the overnight session, but rallied steadily in the U.S. session and was up more than $1 per gallon when soybean oil trading ended for the week.
Soybean oil futures traded on both sides of unchanged before settling marginally lower. However, buying at the 5-day exponential and 10-day moving averages helped to limit the decline. Soybean oil futures have consolidated the gains from the first two days of trading in the holiday-shortened week, but remain in the recent trading range. If crude oil remains supported, The Jacobsen would expect 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...
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...