Soybean Oil-Palm Oil Spread Falls to One-Month Low
On Wednesday, vegetable oil prices were mixed with palm oil rallying sharply while spreading drove soybean oil prices lower. The moves caused the spread between the May soybean oil and palm oil contracts to narrow by nearly 1 1/2 cents, leaving it at its narrowest level since January 19. The Jacobsen expects the spread to continue to narrow, but the recent decline has been faster than expected. A short-term bounce could drive the spread between May contracts back above six cents. If the spread continues to narrow, U.S. soybean oil export sales will likely accelerate, potentially raising expectations for 2020/21 U.S. shipments.
The spread between nearby soybean oil and heating oil contracts (HOBO) also narrowed, falling by nearly five cents per gallon to $1.73. Despite the decline, the short-term trend in the HOBO spread…
12.24.2024
Animal fats, oils markets quiet amid Christmas holiday
The US animal fats and oils markets remained steady on Tuesday December 24, amid limited trading due to the Christmas holidays.
Market sources expected activity to remain subdued...
12.24.2024
US November broiler, turkey slaughter down year on year
US animal protein prices were steady on Tuesday December 24, with limited volumes reported to have been traded. With the proximity of the end-of-year holidays, most market participants are...
12.24.2024
US weekly soybean, wheat export inspections rise, corn falls
Weekly export inspections
Export inspections of US grains showed a decline for corn but an increase for soybean and wheat in the week to December 19, according to data...