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…
11.13.2024
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...