Fund Spreading and Export Concerns Weigh on Nearby Futures
Vegetable oil futures were mixed on Monday as concerns about rising output in Malaysia and surging coronavirus cases in India pressured nearby contracts. At the same time, liquidation of bull spreads supported deferred contracts. Technically driven selling in the benchmark soybean oil contract above the life-of-contract high also weighed on nearby futures. Despite the weakness in the nearby palm and soybean oil markets, Chinese vegetable oil markets posted gains of more than 3/4 percent.
The decline in the nearby soybean oil contract was slightly smaller than in palm oil, driving the spread between May contracts marginally higher to 10.29 cents per pound. However, the declines in deferred soybean oil contracts narrowed the spreads, with the July spread dropping to 13.17 cents and the September spread falling to 11.53…
12.24.2024
Animal fats, oils markets quiet amid Christmas holiday
The US animal fats and oils markets remained steady on Tuesday December 24, amid limited trading due to the Christmas holidays.
Market sources expected activity to remain subdued...
12.24.2024
US November broiler, turkey slaughter down year on year
US animal protein prices were steady on Tuesday December 24, with limited volumes reported to have been traded. With the proximity of the end-of-year holidays, most market participants are...
12.24.2024
US weekly soybean, wheat export inspections rise, corn falls
Weekly export inspections
Export inspections of US grains showed a decline for corn but an increase for soybean and wheat in the week to December 19, according to data...