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…
01.17.2025
US renewable fuel production hits all-time high; biomass-based diesel output surges to capture end of BTC
The $1-per-gallon Blenders Tax Credit (BTC) ended on December 31, 2024. Monthly US renewable fuel production hit an all-time high of 1.96 billion gallons of fuel, generating 2.31 billion...
01.17.2025
Packer BFT ticks upward; most animal fats and oil markets close the week higher
Three cars of packer-grade bleachable fancy tallow (BFT) traded higher on Friday January 17, at 47 cents per lb, Chicago basis.
Outside of this trade, the US animal...
01.17.2025
Limited trade keeps US animal protein prices flat week on week
US animal proteins prices were generally flat for the week to Friday January 17, though prior price moves from last week for meat and bonemeal, bloodmeal and poultry by-product...