World Vegetable Oil Prices Mixed on U.S./Chinese Tensions
World vegetable oil prices were mixed on Monday. Palm oil futures ended slightly lower on profit-taking following an increase in political tension between the United States and Chinese governments that triggered selling across financial markets. Soybean oil futures rose as crude oil prices rallied back to unchanged following a decline at the opening of U.S. trading.
Soybean oil futures gained a little more than 3/4 percent (July contract +22 basis points per pound) to settle close to the upper end of the recent trading range. Prices were supported by buying at the five-day exponential moving average but were limited by selling just below the upper Bolling band. Data released by the United States…
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...