Vegetable Oil Prices Plunge on Concerns about Demand
Vegetable oil futures were sharply lower on Friday. Continued concerns about plunging export demand drove palm oil prices sharply lower, which, combined with soybean futures weakness, pushed soybean oil futures down more than one cent. Cargo surveyor data for the first 15 days of January suggested Malaysian palm oil shipments dropped 42 percent from the same period in December, triggered heavy selling in the palm oil market, weighing on vegetable oil markets in China. The benchmark palm oil contract dropped nearly three percent (104 ringgit per tonne) to settle below 3,500 ringgit and at the lowest level since December 22. The contract fell more than 10 percent for the week, the first weekly decline in the last five weeks, and the largest weekly decline for the benchmark contract in 10 months.
The National Oilseed…
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.
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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...