Sell-Off Continues in Vegetable Oil Markets
Vegetable oil prices continued to move lower on Tuesday as profit-taking in palm oil pressured prices overnight. During U.S. trading hours, the overnight weakness combined with selling across the soybean complex to weigh on soybean oil. However, a rally during the last 2 1/2 hours of trading, which was driven by fund spreading, limited the decline in soybean oil prices. Weakness in crude oil prices also contributed to the negative tone in world vegetable oil markets.
Soybean oil prices fell about 3/4 percent (September contract -18 basis points per pound). Despite the decline, futures settled more than one percent above the lows set shortly after the U.S. open. Buying at the 20-day moving average limited the decline and triggered the rally, which left the benchmark contract just above the psychologically important 29.5-cent…
11.22.2024
Biodiesel margins rise, but window of opportunity limited
Biodiesel margins continued to rise during the week to Friday November 22. The bean oil/heating oil (BOHO) spread boosted margins by falling to its lowest level since August 27.
11.22.2024
Gulf prices average higher despite weeklong declines in SBO
For the week ended Friday November 22, packer bleachable fancy tallow (BFT) remained unchanged from the previous week’s average, while Gulf Coast-delivered tallow rose 2.7%, primarily...
11.22.2024
Bloodmeal largest price mover week on week; November cattle on feed higher
US animal protein prices were mixed to mostly higher for the week to Friday November 22, with only meat and bonemeal showing a slight price reduction due to tighter...