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…
04.18.2024
Total RFS blending falls in March, domestic biodiesel blending increases
The Environmental Protection Agency (EPA) reported 1.66 billion gallons of renewable fuel blended within the nation’s transportation fuel pool during March. Blending was six percent below February and...
04.18.2024
EU UCO premium to US continues to grow
The US animal fats and oils market was mostly quiet on Thursday April 18, with a handful of price changes reported. Choice white grease (CWG) into the Missouri River...
04.18.2024
Ruminant meat and bonemeal price pressure in most regions
Price pressure was reported on several regions for meat and bone meal, ruminant and porcine items. Market sources said buyer pushback and light demand, with exception to the pet...