Palm Oil/Energy Rally Drive Soybean Oil Sharply Higher
Palm oil futures defied my prediction yesterday as they rallied on Tuesday, forcing soybean oil prices to try to catch up. A sharp rally in soybean futures, which were more than 50 cents higher at one point in the day, helped support the substantial gains posted in soybean oil futures. However, fund long oil share spreading also helped lift soybean oil prices and widen the spread between the March soybean oil and palm oil contracts. Strength in the energy complex, where West Texas Intermediate (WTI) futures gained nearly five percent (February contract +$2.30 per barrel), also contributed to the bullish tone in the vegetable oil market. An announcement that Saudi Arabian producers would cut production in February and March by one million barrels per day supported the energy complex gains. The reduction lifted nearby WTI contracts above the…
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...