Position Squaring Lifts Soybean Oil Ahead of USDA Data
Technically driven buying and short-covering ahead of the United States Department of Agriculture’s (USDA’s) monthly World Agricultural Supply and Demand Estimates (WASDE) report, scheduled for release Thursday at 11 a.m. (CST), lifted prices in the soybean complex on Wednesday. Steady palm oil prices overnight reduced the premium for palm oil futures relative to soybean oil, but the spread remains just above the recent life-of-contract low. West Texas Intermediate (WTI) futures ended the day close to unchanged. Still, after sharply dropping after the weekly inventory data release, the rally back to unchanged may have provided limited support for soybean oil.
Traders expect USDA’s report to be mildly bullish for the soybean complex. Surveys suggest modest reductions in USDA’s projection of…
12.20.2024
45z guidance fails to appear; government scrambles to pass spending bill
The US government spending bill failed twice in as many days. If a deal is not reached by midnight on Friday December 20, some federal services will...
12.20.2024
US animal fats and oils end week softer across the board ahead of holiday slowdown
Prices for US animal fats and oils ended the week on a lower note on Friday December 20, with most markets trending downward ahead of the upcoming holiday week,...
12.20.2024
December cattle on feed down on month, year
Most US animal protein prices were rangebound for the week, though in wider ranges due to the impending Christmas and New Year's holiday closures.
The only significant price...