Soybean Oil Futures Jump on Weather Rally in Soy Complex
Vegetable oil prices continued to rally on Thursday, with soybean oil prices jumping sharply on strong gains in soybean futures and fund spreading. Palm oil continued to follow soybean oil higher despite a bearish fundamental outlook. The strength in soybean oil also triggered a fresh rally in vegetable oil futures on the Dalian exchange. The gains on the Dalian exchange outpaced the Chinese cash markets were palm oil prices have held steady at lower levels while soybean oil prices have advanced, but remain close to the recent high set last week.
Soybean oil prices gained about three percent (December contract +97 basis points per pound) to settle at a fresh post-pandemic high and the highest level since late January. However, selling above the psychologically important 33.5-cent level in the benchmark December…
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...