Volatile Crude Prices Weigh on Vegetable Oils Markets
Soybean oil and palm oil prices plunged on Thursday as bearish cargo surveyor data, and early weakness in soybean futures drove selling. Overnight the cargo surveyor data offset the relative strength of crude oil prices, which managed to hold onto gains from the U.S. session in early Malaysian trading. However, prices fell sharply, with the benchmark contract dropping back below the $40 per barrel level on its way to a low of nearly $39 just before the U.S. open. However, prices rallied sharply during U.S. trading hours for the second consecutive day to erase almost all of the overnight decline, with the November contract settling just below unchanged and $41 per barrel.
The move higher in crude oil provided no support to soybean oil prices, which settled about two percent lower (December contract -71 basis points…
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...