Fund Spreading Continues to Pressure Soybean Oil Prices
Soybean oil prices continued to move lower on Thursday due to the continued collapse in crude oil prices and declines in vegetable oil futures on the Dalian exchange. The Malaysian palm oil market was close in observance of a national holiday but will likely sharply decline when it reopens Thursday night. West Texas Intermediate (WTI) futures fell another 3 1/2 percent (December contract -$1.30 per barrel) to leave the benchmark contract at its lowest level since May 28. The December contract traded below the $36 per barrel level but recovered some of the early weakness driven by comments from the President of the European Central Bank, suggesting that the European economy deteriorated more quickly than anticipated. The decline left the benchmark contract well below the lower Bollinger band but above the $36 level, suggesting a continuation of the…
11.22.2024
Biodiesel margins rise, but window of opportunity limited
Biodiesel margins continued to rise during the week to Friday November 22. The bean oil/heating oil (BOHO) spread boosted margins by falling to its lowest level since August 27.
11.22.2024
Gulf prices average higher despite weeklong declines in SBO
For the week ended Friday November 22, packer bleachable fancy tallow (BFT) remained unchanged from the previous week’s average, while Gulf Coast-delivered tallow rose 2.7%, primarily...
11.22.2024
Bloodmeal largest price mover week on week; November cattle on feed higher
US animal protein prices were mixed to mostly higher for the week to Friday November 22, with only meat and bonemeal showing a slight price reduction due to tighter...