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…
11.21.2024
Domestic US biodiesel blending helps lift October RFS RIN production
US domestic biodiesel blending of 147.5 million gallons in October produced a monthly high of 221.2 million renewable identification number (RIN) credits for January-October. This was 11.5% above September...
11.21.2024
CWG trades lower as broader animal fats markets hold steady
The US animal fats and oils markets held steady on Thursday November 21, with limited trading as attention shifted toward broader macroeconomic factors and...
11.21.2024
October commercial cattle, hog production above 2023
US animal protein prices were steady on Thursday November 21. Limited trade was reported from market sources due to the proximity of the extended Thanksgiving holiday weekend in the...