Bullish Reports Drive Vegetable Oil Prices Sharply Higher
World vegetable oil prices jumped sharply on Monday as buying in the Asian markets drove soybean oil prices higher in the overnight session. Monday was the first opportunity for Asian traders to react to the latest World Agricultural Supply and Demand Estimates (WASDE) report, which was bullish and followed bullish data from the Malaysian Palm Oil Board (MPOB). The continuation of the rally in soybean prices initially drove buying across the complex during the overnight session. However, During the U.S. session, fund spreading pushed soybean oil futures sharply higher while soybean meal prices fell. Crude oil prices were narrowly lower on Monday after trading on both sides of unchanged.
Soybean oil futures gained about 1 3/4 percent (December contract +58 basis points per pound) to set a fresh…
12.20.2024
45z guidance fails to appear; government scrambles to pass spending bill
The US government spending bill failed twice in as many days. If a deal is not reached by midnight on Friday December 20, some federal services will...
12.20.2024
US animal fats and oils end week softer across the board ahead of holiday slowdown
Prices for US animal fats and oils ended the week on a lower note on Friday December 20, with most markets trending downward ahead of the upcoming holiday week,...
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December cattle on feed down on month, year
Most US animal protein prices were rangebound for the week, though in wider ranges due to the impending Christmas and New Year's holiday closures.
The only significant price...