Soybean Oil Prices Mixed Despite Bullish Export Sales Data
Soybean oil and palm oil prices were marginally lower on Friday despite robust export sale data for soybean oil. The United States Department of Agriculture’s (USDA’s) Weekly Export Sales report featured a marketing-year high for sales of 88,000 tonnes. Sales of 33,000 tonnes to India and 30,000 tonnes to South Korea accounted for the bulk of the total. It is probably not a coincidence that soybean oil sales were robust during a week when prices rose more than seven percent, given that the soybean oil/palm oil price spread was below 1/2 cent. Given that Indian soybean farmers harvested a larger crop than last year and the spread between soybean oil and palm oil is in the lower end of the historical range, Indian buyers may have substituted soybean oil for palm oil. It is not uncommon for Indian buyers to source soybean oil from the United…
11.15.2024
October soybean crush reaches all-time monthly high; biofuel demand limits rise in soybean oil stocks
The National Oilseed Processors Association (NOPA) reported the October soybean crush at a record monthly high of 199.9592 million bushels, eclipsing the previous record of 196.406 million bushels set...
11.15.2024
UCO 2025 market clouded by China’s cancellation of export rebate
China will cancel its current 13% export tax rebate for used cooking oil (UCO), a key biofuel feedstock, effective December 1, the country’s Ministry of Finance and the State...
11.15.2024
US animal protein prices steady to firmer week on week; SBM under pressure
The US animal proteins market was steady to higher in the week to Friday November 15. Even with decreases in Chicago Board of Trade (CBOT) soybean meal futures, prices...