Soybean Oil Falls Below 37-Cent Level on Soy Weakness
On Wednesday, funds liquidated a portion of the short oil share position they have built recently, but the continued decline in soybean futures still left most soybean oil contracts lower. A modest drop in palm oil futures provided some room for soybean oil prices to continue to move lower. Still, the spread between soybean oil and palm oil is at historically low levels, limiting the influence of the decline in palm oil futures on soybean oil values. A sharp rally in crude oil prices also helped limit the decline in soybean oil futures. However, the spread between soybean oil and heating oil (HOBO) values remains close to recent highs, so it would take a sustained rally in energy values before gains translated more directly to soybean oil prices.
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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...