Soybean Oil Futures Set New Post-Pandemic High on Soy Buying
Soybean oil futures jumped sharply on Wednesday as the selling pressure in the soybean complex on Tuesday was reversed, with soybean prices rising about two percent. The Malaysian market was closed in observance of a holiday, but will likely play catch up when trading resumes overnight.
Crude oil prices also traded sharply higher, with West Texas Intermediate (WTI) contracts rising about five percent on short covering following bullish data released on Wednesday from the American Petroleum Institute (API). The advance left the benchmark October contract back above $40 per barrel and, given the relative outperformance relative to soybean oil, narrowed the spread (HOBO) between the two commodities. A narrower spread suggests biodiesel production using soybean oil is more profitable for producers. Soybean oil…
11.22.2024
Biodiesel margins rise, but window of opportunity limited
Biodiesel margins continued to rise during the week to Friday November 22. The bean oil/heating oil (BOHO) spread boosted margins by falling to its lowest level since August 27.
11.22.2024
Gulf prices average higher despite weeklong declines in SBO
For the week ended Friday November 22, packer bleachable fancy tallow (BFT) remained unchanged from the previous week’s average, while Gulf Coast-delivered tallow rose 2.7%, primarily...
11.22.2024
Bloodmeal largest price mover week on week; November cattle on feed higher
US animal protein prices were mixed to mostly higher for the week to Friday November 22, with only meat and bonemeal showing a slight price reduction due to tighter...