Palm Oil Rally Sparks Gains in Soybean Oil Prices
Soybean oil prices jumped higher on Wednesday, support by sharp gains in palm oil futures and another day of increases in the rising soybean market. The rally lifted both soybean oil and palm oil futures to fresh life-of-contract highs, with the continuous most actively traded contracts rising to multi-year highs. Wednesday was the highest close for the benchmark soybean oil contract since 2014 and since 2012 for the benchmark palm oil contract.
Concerns about the availability of soybean oil in the export market due to Argentine port workers’ ongoing strike continues to support vegetable oil futures. The strike has driven soybean oil basis at the U.S. Gulf to 6 1/2 cents over, the highest level since at least 2013. However, interior basis levels remain well below multi-year highs. Central Illinois basis dropped 1/2 cent…
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...