Risk-Off Selling Drives Soybean Oil Prices Sharply Lower
Soybean oil futures plunged on Wednesday as “risk-off” selling across all asset classes triggered a wave of profit-taking in the soybean complex. Profit-taking also weighed on nearby palm oil prices, but deferred contracts were higher, reflecting the market’s underlying fundamentals. Crude oil prices also fell sharply, with the benchmark West Texas Intermediate (WTI) contract down 5 1/2 percent. The decline left the benchmark contract well below the psychologically critical $40 per barrel level and just above the recent low set in early October. In addition to the cross-asset selling, inventory data published Tuesday night also weighed on energy values.
Soybean oil prices dropped about two percent (December contract -69 basis points per pound). Buying at the 50-day moving average limited the decline, leaving the…
01.03.2025
Imports of biodiesel, renewable diesel continued to slow during October
US Energy Information Administration (EIA) data released on Tuesday December 31 showed biodiesel and renewable diesel (RD) import volumes declined during October 2024. Biodiesel imports had fallen during five...
01.03.2025
Renderer BFT prices climb; CWG closes week lower
The US animal fats and oils markets closed the week largely stable on Friday January 3, with the exception of the choice white grease (CWG) and tallow markets.
01.03.2025
US meat meal production in November down year on year: USDA
US animal proteins prices on Friday January 3 were steady day on day.
November animal by-product production, stocks
In November, US production of feathermeal (FM) increased month on...