Bounce in Soybean Futures Drive Gains in Soybean Oil
Soybean oil futures jumped sharply on Thursday despite disappointing weekly export sales data. A sharp rally in soybean futures and news that the Indonesian government would raise the tax rate on palm oil exports contributed to the bullish tone. Fund liquidation of short oil share positions also added to the gains, which left the benchmark contract well above the psychologically important 37-cent level. The continued decline in the value of the U.S. dollar also contributed to the soy complex’s strength, and gains in energy futures provided some of the outperformance of soybean oil versus the rest of the complex.
The United States Department of Agriculture (USDA) reported that soybean oil sales during the week ending November 26 totaled a marketing-year low of 2,500 tonnes. The total fell well below the lower end of…
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...