World Vegetable Oil Prices Drop Despite Gains in Crude
Soybean oil prices fell sharply during U.S. trading on profit-taking across the soybean complex. However, as soybean futures rallied back to post gains at the close, soybean oil futures trimmed the decline. Still, liquidation of long oil share positions, despite a four-percent rally in West Texas Intermediate (WTI) futures, left soybean oil futures lower for the day. Overnight weakness in world vegetable oil futures weighed on palm oil prices, which also settled lower on Tuesday.
The narrowing of the spread between soybean oil and heating oil futures (HOBO), which fell from $1.68 per gallon on Thursday to $1.53 on Tuesday, should support soybean oil prices. However, given…
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...