Palm Oil Futures Jump on Strength in Chinese Market
Vegetable oil prices were mixed on Friday with palm oil continuing to rally sharply while nearby soybean oil futures rose, and deferred contracts fell. Overnight strength in crude oil prices supported the gains in palm oil, but weakness during the U.S. session left the price of West Texas Intermediate (WTI) futures just marginally higher for the day.
Nearby soybean oil futures rose by nearly one percent (December contract +28 basis points per pound), but deferred contracts fell by as much as 3/4 percent (December 2021 contract -25 basis points). Strength in nearby soybean futures helped support soybean oil values, but fund liquidation of long oil share positions limited the advance. Selling above the upper Bollinger band also weighed on prices, while buying at the five-day exponential moving average limited weakness…
01.23.2025
Chicago animal fats and oils market trades higher on strong demand, tight supply
Four cars of packer-grade bleachable fancy tallow (BFT) traded at 49 cents per lb Chicago on Thursday January 23, while four cars of choice white grease (CWG) traded at...
01.23.2025
Winter weather impacts poultry production; December cattle, hog slaughter under prior year
Sources continued to report limited trade for US animal proteins on Thursday January 23, leaving most prices flat day on day.
The only product under negative price pressure...
01.23.2025
Brazil’s tallow export prices climb, domestic bid-offer gap widens
Prices for exported Brazilian tallow rose by $20 per tonne in the week to Thursday January 23, as stronger demand from US importers led suppliers to prefer export sales...