Fund Profit-Taking in Oil Share Weighs on Soybean Oil
Vegetable oil futures were mixed on Monday as profit-taking in long oil share positions weighed on soybean oil futures despite a rally in nearby soybean contracts. Weakness in energy prices during the U.S. session also contributed to the bearish tone. However, overnight strength in energy prices and continued concerns about tight inventories ahead of a rebound in export demand drove palm oil prices higher. The ninth consecutive day for the palm oil rally extended the longest streak of gains in almost two decades.
The rally in palm oil and decline in soybean oil prices narrowed the spread between the May soybean oil and palm oil contracts to 9.48 cents per pound. The lowest level since March 4, when the spread tested 10 cents for the first time but settled just above nine cents. The spread between July contracts dropped…
12.26.2024
East Coast renewable diesel supplies likely to decline: EIA
Renewable diesel supplies on the US East Coast could be cut in half starting in January as the Clean Fuel Production Credit (CFPC) replaces the expiring Blender’s Tax Credit,...
12.26.2024
US animal fats and oils markets mostly stable, with movement only in CWG
The US animal fats and oils markets were largely steady on Thursday December 26 amid limited trade activity due to the Christmas holiday.
The only notable activity observed...
12.26.2024
Avian flu spikes in poultry, cattle sector at end of 2024
US animal protein prices were steady on Thursday December 26, with limited volumes reported to have been traded.
US avian flu update
Year-to-date US poultry headcounts affected by...