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…
05.03.2024
Biodiesel imports fall to 8-month low in March; exports rise to 3-month high
Biodiesel imported into the US fell in March for the first time in four months while biodiesel exported from the US reached a three-month high.
Import demand from...
05.03.2024
BFT, soybean oil weekly average prices tumble
For the week to Friday, prices were broadly lower compared with the prior week’s average. Packer bleachable fancy tallow was down by 2.2% from the prior week’s average on...
05.03.2024
US animal protein prices remain under pressure; soymeal rises
US animal protein prices were mixed in the week to Friday May 3 but showed no large movements, with multiple market participants traveling for the Petfood Forum in Kansas...