Bullish News Drives Palm Oil Prices Higher
Vegetable oil prices were mixed on Monday as palm oil continued to move higher on bullish fundamentals, while hedging and late-session fund spreading drove soybean oil futures lower. Cargo surveyor data and a report suggesting there was a labor shortage in the palm plantations contributed to the gains in palm oil despite lower overnight crude oil prices. Soybean oil traded higher with palm oil in the overnight session. However, futures opened the U.S. session well below the close of the overnight session and traded steadily lower throughout the day. Most contracts settled near the low of the day despite a rally that lifted crude oil prices to gains during U.S. trading hours.
Soybean oil prices were mostly narrowly mixed, but contracts with deliveries in the second quarter of 2021 or later rose about 1/4 percent. Despite the…
12.20.2024
45z guidance fails to appear; government scrambles to pass spending bill
The US government spending bill failed twice in as many days. If a deal is not reached by midnight on Friday December 20, some federal services will...
12.20.2024
US animal fats and oils end week softer across the board ahead of holiday slowdown
Prices for US animal fats and oils ended the week on a lower note on Friday December 20, with most markets trending downward ahead of the upcoming holiday week,...
12.20.2024
December cattle on feed down on month, year
Most US animal protein prices were rangebound for the week, though in wider ranges due to the impending Christmas and New Year's holiday closures.
The only significant price...