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…
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...