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…
11.22.2024
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...