Rally in Crude Lifts Soybean Oil Prices
Vegetable oil prices were mixed on Monday as overnight weakness in crude oil weighed on palm oil prices. However, crude oil rallied sharply during U.S. trading hours to reverse an early decline in soybean oil futures. Crude oil futures rallied as in some of the states experiencing a resurgence in the coronavirus pandemic, the acceleration in the number of new cases slowed. It is difficult to know whether the data released Monday represents a real change in the trend or is simply due to the well-known lag in reporting that has typically occurred on Sunday. Data on Tuesday should settle the issue and guide the direction of crude oil and vegetable oil prices in the coming weeks.
Soybean oil futures gained 1 1/2 percent or less (July contract +42 basis points per pound) as a late-session sell-off limited the advance. Buying at the…
11.12.2024
Glycerin prices seen supported by declining biodiesel margins
Glycerin is a co-product of biodiesel production, and its supply is dependent on biodiesel margins. The more profitable the margin environment for biodiesel, the larger the supply of glycerin....
11.12.2024
Animal fats and oils prices stable amid losses in vegoil markets
"I think the big drop in soybean oil had everyone take a pause,” one source said.
December soybean oil futures closed at 46.23 cents per lb on Tuesday, down by...
11.12.2024
Meat and bonemeal, bloodmeal higher on active demand
Prices were highly mixed on Tuesday November 12, with active demand reported by market sources.
Porcine meat and bonemeal prices were steady to higher according to sources...