Soy Oil Rises to Highest Level Since 2008, Palm Oil Weaker
Vegetable oil prices were mixed as growing concerns about the coronavirus outbreak in India weighed on palm oil prices. In contrast, soybean oil prices continued to move higher on the expectations for surging demand from the biofuel industry and rising basis levels. Concerns about early-season planting conditions also supported sharp gains across most of the oilseed complex, adding to the bullish tone in the soybean oil market.
The benchmark soybean oil contract surged by 3 1/2 percent (July contract +211 basis points per pound), but gains in the rest of the curve were more modest, with deferred contracts rising two percent or more (December contract +107 basis points). Selling above the 61-cent level limited the advance in the benchmark contract, which settled at its highest price since July 2008. With the nearby…
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...