Soybean Oil Rallies after USDA Data Despite Drop in Palm Oil
Vegetable oil markets were mixed as weak cargo surveyor data weighed on prices ahead of the United States Department of Agriculture’s (USDA’s) monthly World Agricultural Supply and Demand Estimates (WASDE) report. The bullish outlook for soybean futures erased a substantial decline in soybean oil prices to leave nearby contracts unchanged, while the balance of 2021 contracts posted marginal gains.
The relative performance of the markets drove the spread between the March soybean oil and palm oil contracts above one cent for the second time in 2021 and left the spread at its highest level since December 31. Cargo surveyor data stoked continued to stoke fears of a sharp decline in Malaysian palm oil exports in January, which may continue to weigh on prices. The slowdown in exports has been due,…
11.21.2024
Domestic US biodiesel blending helps lift October RFS RIN production
US domestic biodiesel blending of 147.5 million gallons in October produced a monthly high of 221.2 million renewable identification number (RIN) credits for January-October. This was 11.5% above September...
11.21.2024
CWG trades lower as broader animal fats markets hold steady
The US animal fats and oils markets held steady on Thursday November 21, with limited trading as attention shifted toward broader macroeconomic factors and...
11.21.2024
October commercial cattle, hog production above 2023
US animal protein prices were steady on Thursday November 21. Limited trade was reported from market sources due to the proximity of the extended Thanksgiving holiday weekend in the...