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…
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...