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…
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...