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…
04.18.2024
Total RFS blending falls in March, domestic biodiesel blending increases
The Environmental Protection Agency (EPA) reported 1.66 billion gallons of renewable fuel blended within the nation’s transportation fuel pool during March. Blending was six percent below February and...
04.18.2024
EU UCO premium to US continues to grow
The US animal fats and oils market was mostly quiet on Thursday April 18, with a handful of price changes reported. Choice white grease (CWG) into the Missouri River...
04.18.2024
Ruminant meat and bonemeal price pressure in most regions
Price pressure was reported on several regions for meat and bone meal, ruminant and porcine items. Market sources said buyer pushback and light demand, with exception to the pet...