Funds Drive Soybean Oil Prices Sharply Higher
Vegetable oil prices were sharply higher on Wednesday as bullish world vegetable oil fundamentals supported palm oil and soybean oil prices. Funds adding to long oil share positions also contributed to the strength in soybean oil futures. Tightening world vegetable oil stocks, particularly in edible oils, including rapeseed/canola oil and sunflower oil, continue to support both markets and will likely provide the justification for additional gains in the short term. The rally occurred despite a sharp decline in crude oil prices, which fell more than three percent. The decline left the benchmark October contract below the psychologically critical $42 level for the first time since August 7.
Soybean oil futures gained about two percent (December contract +65 basis points per pound). The rally left the benchmark December…
04.19.2024
Reduced March RIN production not leading to higher RIN Prices
Total March biofuel RIN production was 1.9 billion RINs, which was 6% below February and 15% below December’s RIN output of 2.25 billion. December had the largest monthly production...
04.19.2024
CWG, YG higher on week, UCO, DCO down again
The market was quiet heading into the weekend. Used cooking oil (UCO) traded in large volume into the Gulf at 40 cents per lb delivered in the truck market.
04.19.2024
Price pressure on ruminant and porcine items for the week
Sloppy markets were reported for porcine and ruminant items at the close of week ending Friday April 19.
Wide ranges were witnessed on porcine bloodmeal (BM), with a...