Vegetable Oil Prices Mixed Ahead of Monthly Reports
Vegetable oil prices were mixed again on Wednesday, but for the first time in the last two weeks, soybean oil prices fell sharply while palm oil prices rose sharply. Both markets also generally moved in the opposite direction of crude oil prices, which were lower in overnight trading but rallied during U.S. trading hours. The rally left West Texas Intermediate (WTI) futures to settle at the highest level since March 6.
Soybean oil futures fell more than one percent (August contract -32 basis points per pound) on technically-driven selling and fund spreading. The upper Bollinger band provided resistance for the third consecutive day, but buying at the five-day exponential moving average limited the decline. With soybean oil near the upper end of the recent trading range, futures may continue to move lower. However, the…
11.15.2024
October soybean crush reaches all-time monthly high; biofuel demand limits rise in soybean oil stocks
The National Oilseed Processors Association (NOPA) reported the October soybean crush at a record monthly high of 199.9592 million bushels, eclipsing the previous record of 196.406 million bushels set...
11.15.2024
UCO 2025 market clouded by China’s cancellation of export rebate
China will cancel its current 13% export tax rebate for used cooking oil (UCO), a key biofuel feedstock, effective December 1, the country’s Ministry of Finance and the State...
11.15.2024
US animal protein prices steady to firmer week on week; SBM under pressure
The US animal proteins market was steady to higher in the week to Friday November 15. Even with decreases in Chicago Board of Trade (CBOT) soybean meal futures, prices...