Fund Spreading Leaves Soybean Oil Higher Ahead of Holiday
Soybean oil prices were mixed ahead of the Thanksgiving holiday as fund liquidation of short oil share positions supported nearby contracts. Palm oil futures were supported in the overnight session by the continued rally in crude oil and technically driven buying.
U.S. markets will be closed on Thursday, and trading will end at noon (CST) on Friday in observance of the Thanksgiving holiday. The Vegetable Oils Bulletin will not be published on Thursday but will return on Friday.
Nearby soybean oil prices gained more than 1/4 percent (January contract +14 basis points), but light bull spreading in soybean oil futures drove the May and June contracts slightly lower. Selling above the 38-cent level in the benchmark contract weighed on prices while buying at the 10-day…
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...
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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...