Crude Oil Gains Contribute to Rally in Vegetable Oil Futures

Crude Oil Gains Contribute to Rally in Vegetable Oil Futures

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…

Membership is required to view the rest of this post.
Click here to learn more and sign up for a free 7-day trial!

View a Sample Price Report Downloadable PDF

  • This field is for validation purposes and should be left unchanged.

*all fields required

More from the author

06.30.2020

Bullish U.S. Acreage Data Drives Soybean Oil Higher

06.24.2020

Rising COVID Infections Trigger Vegetable Oil Market Selling

06.10.2020

Vegetable Oil Prices Decline Ahead of Data

Latest News

04.14.2020

Podcast: Feedstocks to Biofuels Market Intelligence Weekly Webinar

02.11.2020

Small Refinery Exemptions

Blog

07.02.2020

Hemp Markets Evolving at Rapid Pace

Latest Tweets

Chase Hubbard is on Thursday's discussion of The ‘Lo Down: Real Talk With Hemp Farmers. We’re going over the hemp marketplace with a fine-tooth comb, from pricing to ... forecasting, commoditization challenges, policy and much more #cbd #hempfarming https://www.instagram.com/p/CBDjGLSBXdb/

Webinar on 2020 Organic Corn and Soybean planting survey results, presented tomorrow. https://us02web.zoom.us/webinar/register/WN_tq4BSybeQ-K8lw8yE5vBjA #organic #organicfood ... #grain #corn

Load More...