Soybean Oil Prices Mixed on Profit-Taking in Spreads
Nearby soybean oil prices fell on Monday as traders pressured crushing margins and light oil share spreading by funds weighed on nearby contracts. The decline in nearby contracts was notable given the large overnight gains supported by a rally in palm oil futures. However, selling in the last hour of trading drove the benchmark soybean oil contract down more than one percent, leaving it to settle unchanged. Concerns about slowing production, in excess of the typical seasonal decline, drove buying across the palm oil forward curve. The moves caused the spread between the January soybean oil and palm oil contracts back below one cent after it traded above that level on Friday.
The declines in the soybean product prices combined with a rally in soybean futures to push the board crush margin for the January contracts down…
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...