Vegetable Oil Prices Fall Ahead of Key Data Releases
Vegetable oil prices fell on Thursday as weakness in crude oil prices and position squaring ahead of the release of monthly fundamental data weighed on prices. Crude oil was generally unchanged in the overnight session, which limited the decline in palm oil futures. However, prices moved sharply lower during U.S. trading hours, which triggered fund spreading that enhanced the weakness in soybean oil prices.
Soybean oil futures fell by almost one percent (August contract -26 basis points per pound) as the top of the recent trading range once again provided resistance. Buying at the 10-day moving average limited the decline. However, the failure of prices to move above the recent trading range despite a rally in soybean futures means it will likely take a change in the fundamental outlook for the most actively traded…
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...