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…
11.15.2024
October soybean crush reaches all-time monthly high; biofuel demand limits rise in soybean oil stocks
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UCO 2025 market clouded by China’s cancellation of export rebate
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