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…
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...