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…
05.03.2024
Biodiesel imports fall to 8-month low in March; exports rise to 3-month high
Biodiesel imported into the US fell in March for the first time in four months while biodiesel exported from the US reached a three-month high.
Import demand from...
05.03.2024
BFT, soybean oil weekly average prices tumble
For the week to Friday, prices were broadly lower compared with the prior week’s average. Packer bleachable fancy tallow was down by 2.2% from the prior week’s average on...
05.03.2024
US animal protein prices remain under pressure; soymeal rises
US animal protein prices were mixed in the week to Friday May 3 but showed no large movements, with multiple market participants traveling for the Petfood Forum in Kansas...