Soybean Rally Lifts Soybean Oil Futures
Reports of Brazilian planting delays and the strength in soybean oil prices on Monday propelled world vegetable oil futures sharply higher on Tuesday. The continuing recovery in energy prices also contributed to the bullish tone, but fund spreading limited the advance in the soybean oil market. West Texas Intermediate (WTI) futures gained about two percent, but resistance for the November contract at the psychologically critical $40 per barrel level limited the advance. Still, the rally has erased almost all of last week’s decline, and the benchmark December contract settled above the $40 level.
Soybean oil futures rose about 1 1/2 percent (December contract +53 basis points per pound), but gains in deferred contracts were smaller. The delays in Brazil drove nearby soybean futures…
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...