Soybean Oil Spreads Continue Rally on Robust Domestic Use
Soybean oil prices were narrowly mixed on Tuesday as the bullish data released by the National Oilseed Producers Association (NOPA) on Monday continued to support spreads. Palm oil prices were also narrowly mixed, but the spreads tightened on concerns about slowing demand for exports in November. The January 2021/January 2022 soybean oil spread gained 14 basis points to settle at 2 3/4 cents on Tuesday, a life-of-contract high. The spread has rallied nearly two cents in November on a continuation of robust domestic demand. A shortage of alternative feedstocks has driven record demand from biodiesel producers, which has not substantially impacted non-biofuel demand despite a sharp increase in basis levels. The NOPA data suggested domestic demand rose above two billion pounds for the fourth time in the last five months. Combined with The Jacobsen’s…
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...