Soybean Oil Set Fresh Multi-Year Highs After UDSA Report
On Tuesday, vegetable oil prices rallied as strong domestic demand supported soybean oil, and overnight gains in crude oil and strength in vegetable oil prices on the Dalian exchange supported buying in palm oil. The rally left the benchmark contracts for both markets at new life-of-contract highs. Strong demand from Chinese buyers and renewable fuel producers in the U.S. will likely continue to support World vegetable oil prices in the coming weeks, limiting downside price risks. The only significant potentially bearish catalyst is South American production. As farmers harvest the South American crops and send their output to the crusher, the relatively short-term increase in supply relative to demand could weigh on prices. However, given the delays in the Brazilian harvest and concerns about crop losses in Argentina due to hotter and drier-than-normal…
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...