Rainfall Triggers Profit-Taking in Soybean Oil Market
Soybean oil futures fell on Monday as rainfall in some of the driest areas of the Corn Belt triggered selling during U.S. trading, and as soybean futures fell from highs, funds liquidated long oil share positions. Steady to marginally lower crude oil prices may have also contributed to the weakness. The Malaysian market was closed in observance of a holiday.
Soybean oil futures fell about one percent (December contract -38 basis points) after testing the psychologically critical 34-cent level in the overnight session. The decline left the benchmark December contract below the 33-cent level. While the daily change was relatively large, the selling during U.S. trading hours drove the December contract down 118 basis points from the overnight high. Technical selling above the upper Bollinger band contributed to the…
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...