Palm Oil Futures Rally on Indonesian Biodiesel Plan
Vegetable oil prices continued to bounce on Thursday despite weakness in crude oil triggered, in part, by ugly macroeconomic data that drove selling in commodities in early U.S. trading. Strength in palm oil helped support soybean oil futures in the overnight session, but fund spreading after the U.S. open weighed on prices. Futures were above to recover as crude oil prices ultimately rallied from a substantial decline early in the session.
Soybean oil futures gained about 1/2 percent (September contract +17 basis points per pound), but once again, selling at the 200-day moving average limited the advance. Buying at the 15-day moving average limited the early decline and futures also found support at the five-day exponential moving average but settled just below the 10-day moving average. Given the resistance at the…
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...