Vegetable Oil Rally Sets Fresh Life-of-Contract Highs
Weather concerns continued to drive buying across the oilseed complex on Thursday. The rally left the benchmark contracts for palm oil and soybean oil at fresh life-of-contract highs. The benchmark soybean oil contract has rallied 20 percent since testing the 50-day moving average on April 12. The benchmark palm oil contract has jumped more than 16 percent after trading below its 50-day moving average on the same day. In addition to the concerns about early-season planting conditions in the Corn Belt, bullish World vegetable oil fundamentals and rising cash prices have also contributed to the buying.
The United States Department of Agriculture (USDA) released its weekly Export Sales report for the week ending April 15 on Thursday. USDA reported soybean oil sales totaled 5,700 tonnes, up from last week’s net…
04.22.2024
Animal fats and oils commentary: CWG prices fall on pressure from DCO
Steady slaughter levels, lower prices into the US Gulf for all feedstocks and lower prices for distillers’ corn oil (DCO) in the Midwestern markets have all weighed on the...
04.22.2024
Cattle slaughter more in line with 2023 as May nears
US cattle slaughter
Fastmarkets research forecasts cattle slaughter at 625,000 head in the week to Saturday April 27, less than half a percent lower than the same period in...
04.22.2024
Central Illinois soybean crush margins hit 5-week high
DDG prices remained steady in all regions on Monday April 22. Market sources said demand remains flat, and reported steady values that align with current price ranges.