Soybean Oil/Palm Oil Spread Rises to Life-of-Contract Highs
Vegetable oil prices were mixed, sending the spread between nearby soybean oil and palm oil contracts to new life-of-contract highs. The rally in the spread was primarily due to a sharp decline in the palm oil market, where nearby contracts dropped nearly five percent (May contract -146 ringgit per tonne). Slight gains in nearby soybean oil contracts (March contract +16 basis points per pound) also contributed to the jump in spreads. The move left the spread between May contracts at 8.8 cents and the March contract just above six cents. The spread between May contracts jumped by almost seven cents per pound in the past month, after trading at a life of contract low of 1 3/4 cents on January 7.
Weakness in world vegetable oil markets, including two-percent declines in soybean oil and palm oil futures on the…
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...