Indonesian Flooding Sparks Reversal in Vegetable Oil Markets
Palm oil and soybean oil prices bounced from overnight lows to post gains on Friday despite continued weakness in vegetable oil futures on the Dalian exchange. Concerns about flooding in Indonesia helped support palm oil futures, while technically-driven buying and recovery in soybean values contributed to the gains in the soybean oil market. Crude oil prices were higher overnight, which lent support to palm oil futures but sold off ahead of the U.S. open. Crude rallied to the high of the U.S. trading session at the close of agricultural trading, which may have provided limited support for soybean oil prices. However, selling after the agricultural markets closed left the benchmark November West Texas Intermediate (WTI) contract marginally lower for the day, but still above the psychologically critical $40 level.
Click here to learn more and sign up for a free 7-day trial!
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,...
12.20.2024
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...