Soybean oil futures were trading 29.30 cents per pound (December future contract) late in the day, poised to close at its highest level in a week. Price resistance is seen at 29.35. NOPA released June crush data that showed soybean oil stocks at 1.778 billion pounds, down 5.4 percent from May but 16 percent higher than a year ago. Analysts were expecting stocks to come in at 1.813 billion. Stocks were slightly below expectations, helping to support prices.
Soybean oil used as feedstock in domestic biodiesel production has averaged 53.6 percent of all feedstock used since 2016. EIA feedstock use shows soybean oil has been running above the historical norm, averaging 57 percent of the feedstock consumed in 2020. In the latest month, April, soybean oil was 63 percent of domestic feedstock mix. Coincidently, domestic…
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...