Concerns About Falling Production Lift Palm Oil Futures
Vegetable oil markets rebounded on Thursday as the selling had become overdone, and rising concerns about flooding and its impact on palm oil production in Indonesia and Malaysia triggered buying. Nearby palm oil futures jumped about two percent (April contract +63 ringgit per tonne), but gains in deferred contracts were smaller. Stabilization in soybean futures also buoyed soybean oil prices, which rose about two percent (March contract +88 basis points).
The second day of substantial gains in soybean oil futures drove the spread between the March soybean oil and palm oil contracts above five cents per pound on Wednesday. However, the Malaysian ringgit’s strength narrowed the spread slightly on Thursday despite similar percentage gains in both markets. On Wednesday, the move drove the spread to its widest in a…
12.20.2024
45z guidance fails to appear; government scrambles to pass spending bill
The US government spending bill failed twice in as many days. If a deal is not reached by midnight on Friday December 20, some federal services will...
12.20.2024
US animal fats and oils end week softer across the board ahead of holiday slowdown
Prices for US animal fats and oils ended the week on a lower note on Friday December 20, with most markets trending downward ahead of the upcoming holiday week,...
12.20.2024
December cattle on feed down on month, year
Most US animal protein prices were rangebound for the week, though in wider ranges due to the impending Christmas and New Year's holiday closures.
The only significant price...