Political Tension Trigger Selling in Vegetable Oils
Vegetable oil prices were mixed on Wednesday as an overnight increase in political tension between the United States and Chinese governments triggered selling across the soybean complex. The selling erased overnight gains as soybean oil futures dropped 2 3/4 percent following the news that the United States government ordered the immediate closure of a Chinese embassy in Houston. Continuing concerns about palm oil output continued to support palm oil prices, despite an overnight decline in crude oil prices following bearish inventory data. Crude oil prices rallied during U.S. trading hours to settle above $42 per barrel for the first time since the coronavirus pandemic drove prices lower.
Soybean oil futures settled about 1/2 percent lower (September contract -14 basis points), but the September contract held above the…
11.15.2024
October soybean crush reaches all-time monthly high; biofuel demand limits rise in soybean oil stocks
The National Oilseed Processors Association (NOPA) reported the October soybean crush at a record monthly high of 199.9592 million bushels, eclipsing the previous record of 196.406 million bushels set...
11.15.2024
UCO 2025 market clouded by China’s cancellation of export rebate
China will cancel its current 13% export tax rebate for used cooking oil (UCO), a key biofuel feedstock, effective December 1, the country’s Ministry of Finance and the State...
11.15.2024
US animal protein prices steady to firmer week on week; SBM under pressure
The US animal proteins market was steady to higher in the week to Friday November 15. Even with decreases in Chicago Board of Trade (CBOT) soybean meal futures, prices...