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 The Vegetable Oils Bulletin will not be published on Thursday but will return on Friday.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…
04.18.2024
Total RFS blending falls in March, domestic biodiesel blending increases
The Environmental Protection Agency (EPA) reported 1.66 billion gallons of renewable fuel blended within the nation’s transportation fuel pool during March. Blending was six percent below February and...
04.18.2024
EU UCO premium to US continues to grow
The US animal fats and oils market was mostly quiet on Thursday April 18, with a handful of price changes reported. Choice white grease (CWG) into the Missouri River...
04.18.2024
Ruminant meat and bonemeal price pressure in most regions
Price pressure was reported on several regions for meat and bone meal, ruminant and porcine items. Market sources said buyer pushback and light demand, with exception to the pet...