Profit-Taking Drives Soybean Oil Prices Lower
Vegetable oil futures were mixed on Friday with palm oil prices supported by gains on Thursday in soybean oil, while fund spreading triggered profit-taking in the soybean oil market. Vegetable oil cash markets in China also followed Chicago futures higher, which led to a rally in futures prices on the Dalian exchange. The move, in soybean oil futures, on Thursday also drove cash rapeseed oil prices in China higher on Friday. Rapeseed oil cash prices have been the driving force behind much of the rally in world vegetable oil prices and will likely continue to support soybean oil and palm oil futures in the short term.
Soybean oil futures declined by about 3/4 percent (December contract -26 basis points per pound). However, the benchmark December contract was able to settle above the psychologically critical 33-cent level. It…
12.24.2024
Animal fats, oils markets quiet amid Christmas holiday
The US animal fats and oils markets remained steady on Tuesday December 24, amid limited trading due to the Christmas holidays.
Market sources expected activity to remain subdued...
12.24.2024
US November broiler, turkey slaughter down year on year
US animal protein prices were steady on Tuesday December 24, with limited volumes reported to have been traded. With the proximity of the end-of-year holidays, most market participants are...
12.24.2024
US weekly soybean, wheat export inspections rise, corn falls
Weekly export inspections
Export inspections of US grains showed a decline for corn but an increase for soybean and wheat in the week to December 19, according to data...