Energy Rally Continues to Drive Soybean Oil Prices Higher
Vegetable oil futures rallied sharply on Tuesday, supported by the continued rally in energy prices. West Texas Intermediate (WTI) futures gained 2 1/2 percent on a robust rally in equities prices and reports suggesting countries in the Organization of Petroleum Exporting Countries (OPEC) would agree to the Russian government’s proposal to delay the implementation of a plan to boost output until January. The potential reduction in supply more than offset concerns about the impact of rising coronavirus cases worldwide and left the benchmark contract back above the 50-day moving average.
Soybean oil futures rose about 1 3/4 percent (December contract +59 basis points per pound) on the rally’s strength in energy prices and buying across the soybean complex. Fund liquidation of short oil share positions also…
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...