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…
12.20.2024
45z guidance fails to appear; government scrambles to pass spending bill
The US government spending bill failed twice in as many days. If a deal is not reached by midnight on Friday December 20, some federal services will...
12.20.2024
US animal fats and oils end week softer across the board ahead of holiday slowdown
Prices for US animal fats and oils ended the week on a lower note on Friday December 20, with most markets trending downward ahead of the upcoming holiday week,...
12.20.2024
December cattle on feed down on month, year
Most US animal protein prices were rangebound for the week, though in wider ranges due to the impending Christmas and New Year's holiday closures.
The only significant price...