Plunge in Crude Oil Drives Vegetable Oil Prices Lower

Plunge in Crude Oil Drives Vegetable Oil Prices Lower

Plunge in Crude Oil Drives Vegetable Oil Prices Lower

Vegetable oil prices dropped sharply on Friday as plunging crude oil prices caught traders’ attention. Crude oil fell nearly four percent, which left the benchmark October contract below the psychologically critical $40-per-barrel level. The decline in crude oil prices during the week was the largest weekly drop since June. Concerns about a slower-than-expected economic recovery and the lack of progress in negotiations for another stimulus package have driven the move lower. Also, slowing domestic gasoline demand and rising distillate inventories in Asia have also contributed to the bearish tone in the crude oil market.

Soybean oil prices dropped nearly 1 1/4 percent (December contract +40 basis points per pound). Selling at the 33.5-cent level and the continued fund liquidation of long oil share positions…

Membership is required to view the rest of this post.
Click here to learn more and sign up for a free 7-day trial!

Blog

11.13.2024

Neste, Air Canada sign SAF agreement for Vancouver

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

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%

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...

Latest Tweets