Profit-Taking Drives Palm Oil Lower Ahead of Lunar New Year
Vegetable oil markets were lower on Thursday. Palm oil futures caught down to the declines posted on Wednesday in the soybean oil market, while meal/oil spreading by funds weighed on soybean oil prices. Palm oil prices were also pressured by profit-taking ahead of the Lunar New Year holiday. The palm oil market closed after the morning session on Thursday, in observance of the holiday, and will resume trading on Monday.
Nearby soybean oil futures were marginally lower (March contract -6 basis points per pound). However, the declines in the back end of the curve were larger (December contract -29 basis points). Despite the modest decline, the nearby contract range was greater than one cent for the fourth consecutive day. Buying at the 10-day moving average limited the decline while selling above the 46-cent level in…
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.
11.22.2024
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...