Profit-Taking Drives Vegetable Oil Prices Lower
World vegetable oil prices were mostly lower Thursday on profit-taking following a rally over much of the last two weeks. Weakness in crude oil futures also contributed to the bearish tone, but fundamental data also pressured palm oil.
Soybean oil futures were narrowly mixed with nearby contracts down less than 1/4 percent (July contract -4 basis points per pound) while some deferred prices rose more than 1/4 percent (July 2021 contract +10 basis points). Prices traded substantially lower in the overnight session on weakness in crude oil. However, a sharp rally in soybean futures dragged soybean oil prices higher to erase most of the overnight…
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...