Rally in Chinese Markets Drives Soybean Oil Futures Higher
Strength in Chinese vegetable oil prices continued to drive world vegetable oil futures markets higher on Tuesday. Palm oil and soybean oil prices rallied despite a decline in crude oil prices as cash prices in China reversed the recent trend and set new highs. It is hard to know exactly how big the hole is in the Chinese vegetable oil balance sheet, and the Chinese futures market is substantially more volatile than the Malaysian and U.S. markets. However, for now, the trend continues to be higher, and until that trend reverses, soybean oil and palm oil prices will remain well supported.
Soybean oil futures gained about one percent (December contract +37 basis points per pound) as overnight strength in vegetable oil markets triggered fund spreading. The move left the benchmark December contract at its highest…
12.26.2024
East Coast renewable diesel supplies likely to decline: EIA
Renewable diesel supplies on the US East Coast could be cut in half starting in January as the Clean Fuel Production Credit (CFPC) replaces the expiring Blender’s Tax Credit,...
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US animal fats and oils markets mostly stable, with movement only in CWG
The US animal fats and oils markets were largely steady on Thursday December 26 amid limited trade activity due to the Christmas holiday.
The only notable activity observed...
12.26.2024
Avian flu spikes in poultry, cattle sector at end of 2024
US animal protein prices were steady on Thursday December 26, with limited volumes reported to have been traded.
US avian flu update
Year-to-date US poultry headcounts affected by...