Decline in Energy Prices Drives Selling in Vegetable Oils
World vegetable oil prices were sharply lower on Friday, with the continued collapse in crude oil prices the most likely catalyst for selling on Friday. Some traders blamed President Trump’s contraction of the coronavirus as the reason for the weakness in crude oil futures. The President’s case highlights the reacceleration of infection rates, especially in Europe, stoking concerns about the resumption of economic restrictions to slow the second wave of the pandemic.
Crude oil prices fell more than 4 1/4 percent (November contract -$1.67 per barrel). The decline left prices at the lowest level since September 8. However, buying at the $37 level and the lower Bollinger band marginally limited the fall. Without an announcement of progress on a stimulus package in the U.S., or a slowdown in the growth rate of daily…
11.13.2024
Neste, Air Canada sign SAF agreement for Vancouver
Finnish transport fuel producer Neste and Air Canada have signed an agreement for the delivery of approximately 20 million gallons of sustainable aviation fuel (SAF) for use by the...
11.13.2024
CWG prices up slightly; DCO movements mixed
The US animal fats and oils markets remained mostly stable to slightly higher on Wednesday November 13, with a modest increase in trading, though many participants continued to exercise...
11.13.2024
2024/25 grain consuming animal unit headcounts increase by 0.39%
Meat and bonemeal, porcine and ruminant, Missouri River were lower on Wednesday November 13. Market sources told Fastmarkets that there are varied poultry and layer feed demand levels, with...