Vegetable Oil Prices Continue to Climb
World vegetable oil prices continued to move higher on Tuesday as growing import demand and rising crude oil prices supported prices. The gains have not been limited to the futures markets or palm oil and soybean oil with rapeseed oil and sunflower oil cash prices also rising. An increase in demand from China and India that are driven, in part, by tight inventories is behind the surge in import demand, while gains in crude oil are supporting profitability and potential demand in the biofuel sector.
Soybean oil futures rose almost 1 1/4 percent (July contract +34 basis points per pound) to settle at the highest level since March 10. The rally left the most actively traded July contract above the upper end of the recent trading range and clears the way, technically, for prices to rise to…
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...