Fund Spreading Drives Soybean Oil Futures Lower
World vegetable oil prices were mixed on Thursday as the rally in soybean oil prices on Wednesday supported gains in palm oil while fund liquidation of long oil share positions weighed on soybean oil. The increases in soybean oil prices on Wednesday also helped drive the rally on the Dalian exchange, where fundamentals remain bullish. The second day of weakness in crude oil may have contributed to the bearish tone in the soybean oil market. Still, vegetable oil traders have not been taking cues from the crude oil market for at least the past month, so any crude related selling was likely minimal.
Soybean oil futures fell about 3/4 percent (December contract -24 basis points per pound). Despite the decline, the benchmark December contract remained well above the psychologically critical 33-cent level. Selling at the upper…
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...