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…
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...