Soybean Oil Drops Almost One Cent Ahead of USDA Reports
Vegetable oil prices dropped on Monday, as position squaring ahead of the release of the United States Department of Agriculture’s (USDA’s) January reports and bearish cargo surveyor data weighed on prices. However, the decline in soybean oil prices was substantially larger than palm oil, pushing the spread between March contracts to about 12 basis points, despite a four percent rally in the dollar’s value versus the Malaysian ringgit in the last four days. One of the reasons for the outperformance of palm oil futures has been the rally in energy futures over the past week.
On Monday, relatively steady energy prices left the spread between soybean oil and heating oil futures lower for the third consecutive day. At $1.67 per gallon, the HOBO spread remains historically high, but it settled just below the…
12.24.2024
Animal fats, oils markets quiet amid Christmas holiday
The US animal fats and oils markets remained steady on Tuesday December 24, amid limited trading due to the Christmas holidays.
Market sources expected activity to remain subdued...
12.24.2024
US November broiler, turkey slaughter down year on year
US animal protein prices were steady on Tuesday December 24, with limited volumes reported to have been traded. With the proximity of the end-of-year holidays, most market participants are...
12.24.2024
US weekly soybean, wheat export inspections rise, corn falls
Weekly export inspections
Export inspections of US grains showed a decline for corn but an increase for soybean and wheat in the week to December 19, according to data...