Palm Oil Jumps to Life-of-Contract High on Soy Oil Strength
Vegetable oil prices were mixed on Tuesday, with palm oil prices rallying on overnight strength in soybean oil futures. However, the soybean oil market settled lower after a volatile session that saw the nearby contracts locked limit up just before the U.S. opening. However, bearish crop progress data triggered liquidation in soybean futures, weighing on soybean oil prices. Still, the nearby soybean oil contract settled nearly two percent higher, indicating profit-taking by funds drove the volatility and ultimately weakness in deferred contracts.
Most soybean oil contracts declined by about one percent (December contract -68 basis points per pound), but the benchmark contract settled just below unchanged. The decline left the benchmark contract just below the 61-cent level and the upper Bollinger band after it…
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...