Profit-Taking Drives World Vegetable Oil Prices Lower

Profit-Taking Drives World Vegetable Oil Prices Lower

Profit-Taking Drives World Vegetable Oil Prices Lower

Vegetable oil prices were weaker on Monday due to a mix of overnight weakness in crude oil and weakness in the soybean complex. While neither of the moves in the outside markets was dramatic, they were enough to trigger profit-taking following sharp gains in soybean oil and palm oil futures on Friday. Soybean oil traders ignored a rally in crude oil prices during U.S. trading hours as meal/oil spreading weighed on soybean oil futures, while palm oil traders ignored bullish cargo surveyor data due to overnight weakness in crude oil prices.

Nearby soybean oil futures declined by more than 1/2 percent (July contract -17 basis points per pound). However, losses in deferred contracts were generally smaller as contracts with 2021 deliveries fell by about 1/4 percent (January 2021 contract -9 basis points). Selling at the…

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

Blog

11.11.2024

Falling biodiesel margins lead to expectations for higher RINs, lower feedstock cost

Falling biodiesel margins lead to expectations for higher RINs, lower feedstock cost

Biodiesel margins continued to fall during the week ending Friday November 8, with rising feedstock cost pushing the soybean oil/heating oil (BOHO) spread to its highest level in more...

11.11.2024

DCO starts the week higher; hog slaughter increases slightly

DCO starts the week higher; hog slaughter increases slightly

Distillers’ corn oil (DCO) traded higher out of the FOB Midwest markets on Monday November 11 in what was otherwise a quiet market to start the week.

A...

11.11.2024

US cattle slaughter continues to fall behind 2023 levels

US cattle slaughter continues to fall behind 2023 levels

Trading was quiet in the US animal protein market on Monday November 11, with no price changes reported.

Cattle slaughter
Fastmarkets’ research team forecasts cattle slaughter at 625,000...

Latest Tweets