Signs of Economic Recovery Sparks Rally in Soybean Oil
World vegetable oil prices rose on Friday as gains in crude and optimism about the economic recovery triggered buying. Crude oil prices rose steadily in the overnight session and during U.S. agricultural trading hours but accelerated sharply higher following better-than-expected employment data released on Friday morning. If the jobs data is indicative of an acceleration of economic activity, crude oil prices may continue to rise and support world vegetable oil prices.
Soybean oil futures rose more than one percent (July contract +32 basis points per pound) on light oil/meal spreading by the funds in addition to the move in crude. The rally left the most actively traded July contract to settle above the 28-cent level for the first time since March 10. Selling at the upper Bollinger band limited the increase and left…
01.03.2025
Imports of biodiesel, renewable diesel continued to slow during October
US Energy Information Administration (EIA) data released on Tuesday December 31 showed biodiesel and renewable diesel (RD) import volumes declined during October 2024. Biodiesel imports had fallen during five...
01.03.2025
Renderer BFT prices climb; CWG closes week lower
The US animal fats and oils markets closed the week largely stable on Friday January 3, with the exception of the choice white grease (CWG) and tallow markets.
01.03.2025
US meat meal production in November down year on year: USDA
US animal proteins prices on Friday January 3 were steady day on day.
November animal by-product production, stocks
In November, US production of feathermeal (FM) increased month on...