Light Profit-Taking Weighs on Soybean and Palm Oil Prices
On Tuesday, world vegetable oil prices were mostly lower outside of the Dalian exchange. Chinese futures rose in response to the strength in soybean oil and palm oil prices on Monday. The decline in soybean oil and palm oil values occurred despite a rally in energy prices. West Texas Intermediate (WTI) futures rallied to test the $40 per barrel level during U.S. trading hours, but resistance left it to settle just below the critical psychological level. Still, the benchmark contract rose nearly 2 1/2 percent to erase most of the decline on Monday.
Strength in energy prices could be crucial if soybean oil prices try to rally as the spread between soybean oil and heating oil prices (HOBO) has stretched back to mid-September highs. The reduction in profitability for biodiesel producers implied by the widening HOBO spread contributed to the reversal in vegetable oil 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...