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…
01.15.2025
DOE, USDA release updated GREET, CSA models
On Wednesday January 15, the US Department of Energy (DOE) released the long-awaited update to the Greenhouse Gases, Regulated Emissions and Energy Use in Transportation (GREET) model, now called...
01.15.2025
US animal fats and oils markets climb, tracking gains in vegoils, energy complex
After a relatively slow start to the week, trading in the US animal fats and oils markets gained momentum on Wednesday January 15, driven by developments in the macroeconomic...
01.15.2025
Limited trade keeps most animal protein prices flat; December NOPA crush pressures soybean meal
Limited trade volume was reported to Fastmarkets on Wednesday January 15, with most US animal protein trade prices remaining rangebound for the day, according to market sources.
The...