Spreading Continues to Weigh on Soybean Oil Prices
World vegetable oil markets were mixed again on Thursday as continued concerns about supply shortfalls supported palm oil prices while spreading and pre-report positioning left soybean oil futures mixed. Overnight strength in crude oil also contributed to palm oil’s strength but could not drive substantial buying in the soybean oil market. West Texas Intermediate (WTI) futures settled about 3 1/2 percent higher (November contract +$1.35 per barrel), which left the benchmark contract back above the psychologically critical $40 per barrel level after setting just below that level on Wednesday.
Soybean oil futures were mixed, with nearby contracts marginally higher or lower (December contract -3 basis points per pound) and deferred prices rising by as much as 1/4 percent (October 2021 contract +10 basis points). Despite…
04.22.2024
Animal fats and oils commentary: CWG prices fall on pressure from DCO
Steady slaughter levels, lower prices into the US Gulf for all feedstocks and lower prices for distillers’ corn oil (DCO) in the Midwestern markets have all weighed on the...
04.22.2024
Cattle slaughter more in line with 2023 as May nears
US cattle slaughter
Fastmarkets research forecasts cattle slaughter at 625,000 head in the week to Saturday April 27, less than half a percent lower than the same period in...
04.22.2024
Central Illinois soybean crush margins hit 5-week high
DDG prices remained steady in all regions on Monday April 22. Market sources said demand remains flat, and reported steady values that align with current price ranges.