Soybean Oil Tops 50 Cents on Strength in Crude and Soybeans
A rally in crude oil prices and substantial, if only temporary, sharp gains in soybean futures helped drive soybean oil futures higher on Thursday. The current leg of the rally in soybean oil prices continues to support palm oil, despite concerns about a faster build in inventories than previously expected. Strength in cash vegetable oil prices also lent support to the futures markets and suggests demand has driven the recent gains rather than speculative positioning.
The spread between May soybean oil and palm oil futures traded in a two-cent range, testing the 10-cent level for the first time. However, selling in soybean oil futures during the afternoon left the spread to settle just above the nine-cent level that has acted as substantial resistance over the past month. The July spread settled above 11 cents to…
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...