Vegetable Oils Rise on Bullish MPOB Data and Gains in Energy
Despite bearish United States Department of Agriculture (USDA) soybean supply and demand forecasts, which drove soybean futures more than two percent lower, soybean oil futures managed to settle about 1/2 percent higher. Overnight gains in palm oil futures supported soybean oil values. However, the relatively larger gains in palm oil futures drove the spread between the January contracts down to a fresh life-of-contracts low of almost 1 1/2 cents. A sharp rally in the energy complex, including a three percent increase in West Texas Intermediate (WTI) futures, lent modest support to vegetable oil values.
USDA raised its forecast of 2020/21 U.S. soybean crush by 15 million bushels, increasing its prediction of soybean oil production by 175 million pounds. USDA offset a portion of the larger supply with a…
12.27.2024
US RD, SAF supplies remain strong despite declining import volumes
US supplies of sustainable aviation fuel (SAF) fell sharply in November but reached the highest November volume on record, according to data released on Thursday December 26 by the...
12.27.2024
Animal fats and oils end week steady amid holiday-limited trades
The US animal fats and oils markets held steady on Friday December 27, with limited trades persisting due to the holiday season.
Weekly averages were unchanged from the prior week...
12.27.2024
Relative prices of US meat and bonemeal rise amid depressed soybean meal market: 2024 recap
US animal protein prices were steady to lower on Friday December 27. Some participants reported distressed loads in the market late in the afternoon of Thursday December 26 and...