Vegetable Oil Futures Set New Life-of-Contract Highs
Vegetable oil prices rallied sharply on Monday as an overnight rally in crude oil prices and continued concerns about South American production continued to drive prices higher. However, selling in the energy complex during the European and U.S. sessions left futures well below the highs of the day. Anecdotal reports suggesting Chinese traders had canceled Australian rapeseed cargos contributed to a sharp rally in Chinese vegetable oil prices, which provided a bullish backdrop throughout trading on Monday.
The spread between soybean oil and palm oil contracts retreated from the highs set on Friday as the decline in crude oil weighed on soybean oil prices during the U.S. session. Still, the May contract remained above 9.5 cents per pound, and the July contract settled above 11.5 cents per pound. The weakness in crude 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...