Overhead Resistance Limits Gains in Vegetable Oil Prices
Vegetable oil prices were mostly higher on Wednesday despite some weakness in crude oil prices. During U.S. trading hours, crude oil prices rose from early lows following the release of moderately bullish data from the Energy Information Administration. The move higher helped lift soybean oil from early lows, but selling in crude oil futures after the initial rally contributed to late-session weakness in soybean oil futures.
Soybean oil futures gained almost 1/2 percent (July contract +11 basis points per pound) but settled about 1/2 percent below the high of the day. It was the second consecutive day featuring selling late in the session, which limited gains. Futures remain supported by buying below the five-day exponential and 10-day moving averages, but prices have been unable to sustain moves above the recent…
11.25.2024
Glycerin prices mostly stable even amid tightening kosher supplies
Glycerin prices were mostly stable on Monday November 25, with one source saying “market prices seem to be holding for now.”
Kosher glycerin supplies are “getting tighter,” according...
11.25.2024
Packer BFT, CWG trade higher; hog slaughter down week on week
Prices for packer-grade bleachable fancy tallow (BFT) moved higher on Monday November 25, in an otherwise quiet trade day ahead of the Thanksgiving holiday.
Five cars of packer BFT traded...
11.25.2024
Cattle slaughter six-week average projection down for holiday season
Trading was generally quiet in the US animal protein market on Monday November 25, though price ranges adjusted slightly in typical pre-holiday fashion.
Price pressure on ruminant meat...