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…
02.04.2025
Chicago, Gulf animal fats and oils markets strengthen despite ongoing uncertainty
The US animal fats and oils markets were stable to higher on Tuesday February 4, as Chicago market activity saw a notable uptick throughout the day.
Six railcars...
02.04.2025
Light trade volume leaves most US animal protein prices flat
Light trade volume was reported in the US animal proteins markets for Tuesday February 4.
Ruminant meat and bonemeal, Missouri River, was reported as steady from Monday February...
02.04.2025
December US soybean crush, corn consumption up month on month
US soybean crush above monthly, yearly levels
Soybeans crushed for crude oil totaled 218 million bushels in December 2024, up by 7% from November and by 4% from...