USDA Data Triggers Sharp Rally in Soybean Oil Futures
Vegetable oil prices were mixed on Wednesday as overnight weakness was driven by speculative liquidation in Chinese and Malaysian markets ahead of the Golden Week holiday, left palm oil prices sharply lower. However, the United States Department of Agriculture’s (USDA’s) quarterly Grain Stocks report triggered a sharp rally across the soybean complex, which left soybean oil prices sharply higher. Strength in crude oil prices following bullish U.S. inventory data contributed marginal buying to the soybean oil rally, but fund liquidation of long oil share positions limited the gains.
Soybean oil futures gained about 1 1/2 percent (December contract +44 basis points per pound). Buying below the 50-day moving average constrained weakness ahead of the USDA data while selling at the 10-day moving average limited…
11.14.2024
Cellulosic RINs fall 15% on EPA volume adjustment rule sent to OMB
Renewable identification number (RIN) credit prices fell sharply on Wednesday November 13 due to speculation that the Environmental Protection Agency (EPA) sent a volume adjustment notice to the US...
11.14.2024
DCO prices move lower as production levels hit record highs
Distiller’s corn oil (DCO) traded lower on Thursday November 14, in Manly, Iowa, and out of the FOB Wisconsin/Illinois regions amid declining prices in soybean oil futures.
Offers for DCO...
11.14.2024
Prices for US animal proteins steady; September dog and cat food exports down
Most prices for US animal proteins were steady on Thursday November 14, with light volume reported to Fastmarkets from market sources. Feathermeal price ranges narrowed higher in several regions...