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…
11.22.2024
Biodiesel margins rise, but window of opportunity limited
Biodiesel margins continued to rise during the week to Friday November 22. The bean oil/heating oil (BOHO) spread boosted margins by falling to its lowest level since August 27.
11.22.2024
Gulf prices average higher despite weeklong declines in SBO
For the week ended Friday November 22, packer bleachable fancy tallow (BFT) remained unchanged from the previous week’s average, while Gulf Coast-delivered tallow rose 2.7%, primarily...
11.22.2024
Bloodmeal largest price mover week on week; November cattle on feed higher
US animal protein prices were mixed to mostly higher for the week to Friday November 22, with only meat and bonemeal showing a slight price reduction due to tighter...