Bearish MPOB Data Triggers Liquidation in World Veg Oils
Vegetable oil futures were sharply lower on Monday as bearish data from the Malaysian Palm Oil Board (MPOB) set the tone for the day. Weakness in soybean futures and the liquidation of long oil share positions and bull spreads in the soybean oil curve also contributed to weakness during U.S. trading hours. The declines left the nearby soybean oil contract at its lowest level since March 30 and the benchmark palm oil contract at its lowest price since March 31.
The declines continued to narrow the spread between soybean oil and palm oil futures. The May spread dropped below eight cents for the first time since February 25. However, deferred spreads remain near the upper end of the recent trading range, with the July spread just below 11.85 cents and the September spread just under 11.25 cents. The divergence in the…
11.21.2024
Domestic US biodiesel blending helps lift October RFS RIN production
US domestic biodiesel blending of 147.5 million gallons in October produced a monthly high of 221.2 million renewable identification number (RIN) credits for January-October. This was 11.5% above September...
11.21.2024
CWG trades lower as broader animal fats markets hold steady
The US animal fats and oils markets held steady on Thursday November 21, with limited trading as attention shifted toward broader macroeconomic factors and...
11.21.2024
October commercial cattle, hog production above 2023
US animal protein prices were steady on Thursday November 21. Limited trade was reported from market sources due to the proximity of the extended Thanksgiving holiday weekend in the...