Fund Spreading Drives Gains in Soybean Oil Futures
World vegetable oil prices were mixed as a decline in Chinese futures weighed on prices while a rally in soybean and crude oil futures supported prices. West Texas Intermediate (WTI) futures gained nearly two percent (November contract +$0.77 per barrel) ahead of inventory data from the American Petroleum Institute (API) scheduled for release Tuesday night. The move left the benchmark contract back above the psychologically critical $40 per barrel level.
Soybean oil futures rose about 1 1/2 percent (December contract +46 basis points per pound) as the crude oil recovery triggered fund liquidation of short oil share positions. Buying at the 33-cent level helped support prices early in the overnight session, and that level is likely to remain supportive in the short term. The direction of soybean futures will be a…
11.21.2024
Domestic US biodiesel blending helps lift October RFS RIN production
US domestic biodiesel blending of 147.5 million gallons in October produced a monthly high of 221.2 million renewable identification number (RIN) credits for January-October. This was 11.5% above September...
11.21.2024
CWG trades lower as broader animal fats markets hold steady
The US animal fats and oils markets held steady on Thursday November 21, with limited trading as attention shifted toward broader macroeconomic factors and...
11.21.2024
October commercial cattle, hog production above 2023
US animal protein prices were steady on Thursday November 21. Limited trade was reported from market sources due to the proximity of the extended Thanksgiving holiday weekend in the...