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,…
04.19.2024
Reduced March RIN production not leading to higher RIN Prices
Total March biofuel RIN production was 1.9 billion RINs, which was 6% below February and 15% below December’s RIN output of 2.25 billion. December had the largest monthly production...
04.19.2024
CWG, YG higher on week, UCO, DCO down again
The market was quiet heading into the weekend. Used cooking oil (UCO) traded in large volume into the Gulf at 40 cents per lb delivered in the truck market.
04.19.2024
Price pressure on ruminant and porcine items for the week
Sloppy markets were reported for porcine and ruminant items at the close of week ending Friday April 19.
Wide ranges were witnessed on porcine bloodmeal (BM), with a...