Weather Concerns for Corn-Belt Drive Soybean Oil Rally
Vegetable oil prices rose on Monday as concerns about U.S. soybean production drove buying in the soybean complex. Palm oil futures rallied on the strength of soybean oil and traders’ expectations that the Malaysian Palm Oil Board would report a reduction in palm oil inventories when it releases its monthly supply and demand data at the end of the week. Crude oil prices were also higher overnight but sold off during U.S. trading hours to settle just below unchanged. Traders in both markets will be looking ahead to data from the United States Department of Agriculture and MPOB at the end of the week to guide the short-term direction of the markets.
Soybean oil futures gained more than 1 1/2 percent (August contract +45 basis points per pound) but settled about 1/2 percent off the high of the day as late session…
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...