Bargain Buying Lifts World Vegetable Oil Markets
On Monday, technically-driven buying drove vegetable oil prices higher. However, soybean oil and palm oil prices remain well below recent highs following the sharp sell-off at the end of last week. In addition to the technically driven buying, oil/meal spreading also contributed to the gains in the soybean oil market. News that the Russian government would implement taxes on sunflower oil exports starting in September may have also contributed to the bullish tone. Position squaring will likely drive trading on Tuesday as traders look forward to the United States Department of Agriculture’s (USDA’s) reports on Wednesday for the near-term direction of the market.
The spread between the May soybean oil and palm oil contracts continued to narrow, falling below 10 cents for the first time since March 17. The July spread widened to…
11.15.2024
October soybean crush reaches all-time monthly high; biofuel demand limits rise in soybean oil stocks
The National Oilseed Processors Association (NOPA) reported the October soybean crush at a record monthly high of 199.9592 million bushels, eclipsing the previous record of 196.406 million bushels set...
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UCO 2025 market clouded by China’s cancellation of export rebate
China will cancel its current 13% export tax rebate for used cooking oil (UCO), a key biofuel feedstock, effective December 1, the country’s Ministry of Finance and the State...
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US animal protein prices steady to firmer week on week; SBM under pressure
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