Cargo Surveyor Data Drives Vegetable Oil Futures Higher
Vegetable oil futures were generally higher on Monday as overnight strength in palm oil prices triggered long oil share spreading by the funds during the U.S. session. However, due to similar moves in the soybean market, the liquidation of bull spreads limited the gains in the front end of the soybean oil curve. Bullish cargo surveyor data for April drove the rally in palm oil prices, lifting the benchmark contract to its largest single-day gain in 11 months. The rally left the benchmark soybean oil contract at a new life-of-contract high, while the benchmark palm oil contract settled just below the high set Wednesday.
Most soybean oil contracts rose more than two percent (December contract +120 basis points per pound) but settled well below overnight highs. Nearby contracts gained more than one percent (July contract…
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...