Soy Oil Sets New High After Drop in USDA’s Ending Stocks
Vegetable oil futures continued to move higher on Tuesday. While the United States Department of Agriculture’s (USDA’s) World Agricultural Supply and Demand Estimates (WASDE) provided few changes, reductions in its predictions of 2020/21 U.S. soybean and soybean oil ending stocks continued the bullish fundamental backdrop. A 100-million-gallon addition to USDA’s forecast of 2020/21 U.S. biodiesel use raised its forecast from 8.1 billion to 8.2 billion pounds, almost 500 million below The Jacobsen’s expectation of 8.69 billion. The increase reduced USDA’s ending stocks prediction to 1.71 billion pounds, nearly 200 million pounds above The Jacobsen’s 1.52-billion-pound projection.
Soybean futures ended the day slightly below where they were trading just ahead of the WASDE report. However,…
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...