Crude Oil Gains Contribute to Rally in Vegetable Oil Futures
Vegetable oil prices rose sharply on Friday as gains in crude oil and a sharp increase in Chinese prices drove buying. The gains left palm oil and soybean oil futures at the highest levels since prices bottomed following the coronavirus pandemic. Crude oil prices were supported by members of the Organization of Petroleum Exporting Countries (OPEC) promising to meet supply reduction commitments. The announcement, plus the continued recovery of demand from the coronavirus lows, helped West Texas Intermediate futures trade more than $1 per barrel higher before selling late in the morning driven by weakness in equities, erased the overnight rally. However, prices recovered in the afternoon and settled at the highest level since March 6.
Soybean oil futures rose more than 1 1/2 percent (July contract +46 basis…
01.30.2025
Diamond Green Diesel will look to Europe for RD, SAF: Valero
The most attractive markets for renewable diesel (RD) and sustainable aviation fuel (SAF) are Europe and the UK, Eric Fisher, senior vice president of US-based fuels producer Valero, said...
01.30.2025
DCO holds firm while animal fats sentiment softens amid market uncertainty
Activity in the US animal fats and oils markets eased on Thursday January 30 as the month neared its end on a more cautious note amid ongoing uncertainty.
01.30.2025
Limited hide bidding interest; some Chinese tanners engage for discounts
Several hide sellers noted limited bidding interest on Thursday January 30, except for one packer who received strong volume bids from Chinese upholstery and shoe tanners despite the ongoing...