Soybean Oil Futures Jump on Weather Rally in Soy Complex

Soybean Oil Futures Jump on Weather Rally in Soy Complex

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…

Membership is required to view the rest of this post.
Click here to learn more and sign up for a free 7-day trial!

Blog

11.13.2024

Neste, Air Canada sign SAF agreement for Vancouver

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

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%

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...

Latest Tweets