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…
10.18.2024
RIN prices fall week on week despite lower reported US biodiesel output
Prices for renewable identification numbers (RINs) fell week on week on Friday October 18 despite lower production reported for September, and US biofuels markets remain in limbo over awaited...
10.18.2024
US DCO prices decrease amid quiet trade week
US animal fats and oils markets ended the week stable to slightly lower on Friday October 18, following a quiet week of trading as many participants attended the American...
10.18.2024
Lackluster trade volume keeps weekly US animal proteins prices mostly steady
US animal proteins prices were steady to slightly lower for the week to Friday October 18 on limited trade volume.
Several market participants told Fastmarkets it was a...