Soybean Oil Rallies Sharply Despite Plunge in Energy Markets
Vegetable oil prices were mixed following the long holiday weekend, with soybean oil futures rising sharply while palm oil prices were mixed. Fund oil/meal spreading and gains in soybean futures drove the strength in soybean oil, while expectations the Malaysian Palm Oil Board (MPOB) will report palm oil inventories rose in March weighed on palm oil prices. Weakness in crude oil during the overnight session also contributed to the decline in palm oil futures, but as the drop in energy prices accelerated during U.S. trading hours, it had no impact on the rally in the soybean oil market.
The moves drove the spread between the May soybean oil and palm oil contracts back above nine cents, while the July spread rose back above 12 cents. Despite the increases, lower highs than Thursday suggest the spreads may continue to…
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...