Soybean Oil Futures Rise on Fund Spreading
Soybean oil futures rose on Friday as bull spreading in the soybean market and oil/meal spreading by funds supported prices. The palm oil market was closed in observance of the Lunar New Year. Trading in palm oil will resume on Monday, but U.S. markets will be closed in observance of the President’s Day holiday. The Jacobsen’s Vegetable Oils Bulletin will not be published on Monday but will resume on Tuesday.
Nearby soybean oil futures gained nearly one percent (March contract +41 basis points per pound) to lift the benchmark contract back above the 46-cent level. Buying at the five-day exponential moving average helped limit the downside as prices sold-off following an initial test…
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...