Vegetable Oil Prices Continue to Rally
World vegetable oil prices were higher on Tuesday as palm oil rose despite overnight weakness in crude oil. Soybean oil prices rallied as crude oil erased the overnight decline during U.S. hours. The rally helped lift soybean oil prices to modest gains, but the most actively traded July contract remained below the high set on Friday. With one day left to trade until a dump of data from the United States Department of Agriculture (USDA) and the Malaysian Palm Oil Board (MPOB), price moves are likely to remain muted on Wednesday. After the reports, the data will drive the short term price movement.
Soybean oil futures gained a little less than 1/2 percent (July contract +13 basis points per pound) on the support from crude oil and technically driven buying at the five-day exponential average. Soybean oil is in the upper end of The…
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...