Fund Spreading Continues to Drive Soybean Oil Futures Lower
World vegetable oil prices continued to move lower on Tuesday as follow-through selling in palm oil continued to trigger the liquidation of long oil share positions in the soybean oil market by funds. Crude oil traded higher overnight but was lower by the end of the U.S. agricultural session, contributing to the bearish tone. Traders are looking forward to the monthly World Agricultural Supply and Demand Estimates (WASDE) report, scheduled for release on Wednesday at 11 a.m. (CDT) for guidance on the next trend in prices. If the report features a bearish production forecast for soybeans, selling across the complex may weigh on soybean oil values even if the changes in USDA’s soybean oil balance sheets are bullish.
Nearby soybean oil futures declined by about 1/2 percent (September contract -11…
11.13.2024
Neste, Air Canada sign SAF agreement for Vancouver
Finnish transport fuel producer Neste and Air Canada have signed an agreement for the delivery of approximately 20 million gallons of sustainable aviation fuel (SAF) for use by the...
11.13.2024
CWG prices up slightly; DCO movements mixed
The US animal fats and oils markets remained mostly stable to slightly higher on Wednesday November 13, with a modest increase in trading, though many participants continued to exercise...
11.13.2024
2024/25 grain consuming animal unit headcounts increase by 0.39%
Meat and bonemeal, porcine and ruminant, Missouri River were lower on Wednesday November 13. Market sources told Fastmarkets that there are varied poultry and layer feed demand levels, with...