Argentine Weather Concerns Drive Soybean Oil Higher
Vegetable oil prices were mixed on Tuesday as concerns about drier-than-normal conditions in Argentina drove a rally in the soybean oil market. Expectations that palm oil inventories rose in February weighed on the palm oil market. Weakness in vegetable oil prices on the Dalian exchange also triggered selling in palm oil futures.
The divergent moves drove the spread between May soybean oil and palm oil contracts up to nearly nine cents, a level providing substantial resistance over the last month. The spread between July contracts rose to almost 10.7 cents per pound, just below the record of 11.1 cents set on February 24. The continued strength in the spread remains counterintuitive given the relatively tight level of palm oil stocks compared with soybean oil. However, robust domestic soybean oil demand suggests soybean oil…
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...