Vegetable Oil Markets Consolidating Ahead of Golden Week
Vegetable oil prices dropped sharply on Tuesday as liquidation by Chinese speculators ahead of the Golden Week holiday, and weakness in soybean prices outweighed relatively bullish fundamentals. Concerns about a lack of Chinese demand following the Golden Week holiday and faster-than-expected U.S. harvest progress for soybeans also weighed on prices. Crude oil prices also fell sharply during U.S. trading hours, adding marginal pressure on prices. The benchmark November West Texas Intermediate (WTI) contract fell about four percent. It settled back below $40 per barrel following renewed fears about a second wave of the pandemic due to rising positivity rates in New York.
Nearby soybean oil futures fell about 1 1/4 percent (December contract -42 basis points per pound). However, the declines in deferred contracts…
11.27.2024
Regional biodiesel prices stable amid low buying, selling interest
Regional biodiesel prices were stable on Wednesday November 27 amid low buying and selling interest.
Biofuel markets in general have slowed ahead of the implementation of the Clean...
11.27.2024
US animal fats and oils markets quiet amid Thanksgiving holiday; ethanol, DCO production hits record high
The US animal fats and oils markets was steady on Wednesday November 27, as trading was subdued ahead of the Thanksgiving holiday.
The...
11.27.2024
US animal protein November price average higher month on month
US animal proteins were steady on Wednesday November 27. Light trade was reported from market sources on the last day ahead of the extended Thanksgiving holiday weekend.
November...