Energy Rally Pushes Palm and Soy Oil to Multi-Year Highs
Vegetable oil prices rallied on Thursday on sharp gains in the energy complex and a rebound in oilseed prices. Oil/meal spreading by the funds also supported soybean oil. Thursday was the seventh consecutive day of gains in palm oil and the 15th day in the last 19 that soybean oil prices rose. Once again, the gains lifted benchmark contracts in both markets to life-of-contract highs. The rally left the continuous most actively traded contract in palm oil to its highest level since it reached an all-time high in March 2008 of nearly 4,500 ringgit. The continuous most actively traded soybean oil contract reached its highest level since September 2012.
The moves pushed the spread between the May soybean oil and palm oil contracts back above 10 cents, but the July spread remained just below 11.5 cents. The…
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...