Soybean Oil Futures Rally on Fund Oil/Meal Spreading

Vegetable oil prices were mixed on Monday, with palm oil futures lower on profit-taking and soybean oil sharply higher on fund oil/meal spreading. Amid thin trading volumes, July soybean oil futures, which expire on July 14, ended more than four percent higher (+258 basis points per pound). Benchmark soybean oil futures prices settled almost 2 3/4 higher (August contract +170 basis points per pound). Gains were smaller for deferred soybean oil contracts in percentage terms (July 2022 contract +98 basis points per pound) thanks to bull spreading.

At noon (EST), the United States Department of Agriculture (USDA) released its latest monthly World Agricultural Supply and Demand Estimates (WASDE), but the data left the market non-plussed. USDA slightly lowered its prediction of soybean oil used in biofuel production in 2020/21 to 9.3 billion pounds but left its 2021/22 projection at 12 billion pounds. USDA…

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Information of the Disclosing Party for any purpose not expressly permitted by this Agreement, and (c) except as otherwise authorized by this Agreement or by the Disclosing Party in writing, limit disclosure of and access to Confidential Information of the Disclosing Party to those of its and its Affiliates’ employees and contractors who need that access for purposes of fulfilling obligations under this Agreement and who are bound by confidentiality obligations with the Receiving Party no less stringent than those herein. Neither party will disclose the terms of this Agreement or any Subscription Form to any third party other than its Affiliates, legal counsel and accountants without the other party’s prior written consent, provided that a party that makes any such disclosure to its Affiliate, legal counsel or accountants will remain responsible for such Affiliate’s legal counsel’s or accountant’s compliance with this Section 7.2. Upon termination or expiration of this Agreement for any reason, the Receiving Party shall return to the Disclosing Party (or at Disclosing Party’s written request, destroy) all things and documents containing Confidential Information (including physical or electronic copies of the foregoing) in Receiving Party’s possession, whether made by Receiving Party or any third party.
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FITNESS FOR A PARTICULAR PURPOSE, TITLE, ACCURACY, SYSTEM INTEGRATION, OR NON- INFRINGEMENT, TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW. EACH PARTY DISCLAIMS ALL LIABILITY AND INDEMNIFICATION OBLIGATIONS FOR ANY HARM OR DAMAGES CAUSED BY ANY THIRD-PARTY HOSTING PROVIDERS.
8.3 Exclusion for Free Trials. Notwithstanding anything to the contrary in this Agreement, any and all free trials of the Services and Content come without warranty of any kind and are used by You solely at Your own risk and responsibility. You acknowledge that the risks and assumptions undertaken by Jacobsen hereunder are only in consideration for the payment of fees.
9. INDEMNIFICATION
9.1. Indemnification by Jacobsen. Jacobsen will defend, indemnify, and hold You harmless against any claim, demand, suit or proceeding (“Claim Against You”), and any damages, costs, expenses, and liabilities awarded therein or agreed to in settlement thereof, based on an allegation that the Services (as provided in accordance with this Agreement) infringe or misappropriate such third-party's intellectual property rights, provided You (a) promptly give Jacobsen written notice of the Claim Against You, (b) give Jacobsen sole control of the defense and settlement of the Claim Against You (except that Jacobsen may not settle any Claim Against You without Your prior written consent unless it releases You of all liability), and (c) give Jacobsen all reasonable assistance, at Jacobsen’s expense. If Jacobsen receives information about an infringement or misappropriation claim related to the Services, Jacobsen may in its sole discretion and at no cost to You (i) modify the Services so that it no longer infringes or misappropriates, (ii) obtain a license for Your continued use of the affected Services in accordance with this Agreement, or (iii) terminate Your Subscriptions for the affected Services upon thirty (30) days written notice. Notwithstanding the foregoing, the above defense and indemnification obligations do not apply to the extent a Claim Against You arises from Content, any third-party content or other non-Jacobsen application accessible through the Site or the Services, or Your breach of this Agreement.
9.2. Indemnification by You. You agree to Indemnity, defend, and hold harmless Jacobsen and its Affiliates, from any and all claims, actions, and liabilities and all related cost, fees, and expenses (including attorneys’ fees) or settlement thereof in connection with or arising from any third-party claim based upon or related to Your breach of this Agreement or use of the Services.
9.3. Exclusive Remedy. This Section 9 states the indemnifying party's sole liability to, and the indemnified party's exclusive remedy against, the other party for any type of claim described in this Section 9.
10. LIMITATION OF LIABILITY
10.1. Limitation of Liability. SUBJECT TO SECTION 10.3, NEITHER PARTY'S LIABILITY ARISING OUT OF OR RELATED TO THIS AGREEMENT WILL EXCEED THE AMOUNT PAID BY YOU TO JACOBSEN WITH RESPECT TO THE SERVICES IN THE TWELVE (12) MONTHS IMMEDIATELY PRECEDING THE INCIDENT GIVING RISE TO THE LIABILITY. THE ABOVE LIMITATIONS WILL APPLY WHETHER AN ACTION IS IN CONTRACT OR TORT AND REGARDLESS OF THE THEORY OF LIABILITY.
10.2. Exclusion of Consequential and Related Damages. IN NO EVENT WILL EITHER PARTY HAVE ANY LIABILITY TO THE OTHER PARTY FOR ANY LOST PROFITS, REVENUES OR INDIRECT, SPECIAL, INCIDENTAL, CONSEQUENTIAL, COVER OR PUNITIVE DAMAGES, WHETHER AN ACTION IS IN CONTRACT OR TORT AND
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REGARDLESS OF THE THEORY OF LIABILITY, EVEN IF A PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. THE FOREGOING DISCLAIMER WILL NOT APPLY TO THE EXTENT PROHIBITED BY LAW.
10.3. Exceptions. THE ABOVE LIMITATIONS WILL NOT LIMIT YOUR LIABILITY WITH RESPECT TO CONFIDENTIALITY OBLIGATIONS, LICENSE TO THE CONTENT, OR PAYMENT OBLIGATIONS.
10.4. Surviving Provisions. Sections 4 (Fees and Payment for Services), 6 (Proprietary Rights and Licenses), 7 (Confidentiality), 8.2 (Disclaimers), 9 (Indemnification), 10 (Limitation of Liability), 10.4 (Surviving Provisions), 11 (General Provisions) will survive any termination or expiration of this Agreement.
11. GENERAL PROVISIONS
11.1. Notice. Any notices required or permitted under this Agreement shall be in writing and delivered by personal delivery, overnight courier, facsimile, e-mail, or certified or registered mail. Notice shall be deemed given upon receipt or refusal of (i) personal delivery, one (1) day after the date of mailing if sent by overnight courier, five (5) days after the date of mailing if sent by certified or registered mail, or (ii) upon confirmation of receipt of facsimile or email. Notices will be sent to the party at its address set forth in the Subscription Form.
11.2. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Colorado without giving effect to any principles that may provide for the application of the law of another jurisdiction. You hereby expressly consent to the exclusive personal jurisdiction and venue of the state and federal courts of the State of Colorado for any cause of action arising under this Agreement or the performance of the obligations hereunder or thereunder.
11.3. Cumulative Remedies. Except as otherwise expressly provided in this Agreement, the parties' rights and remedies under this Agreement are cumulative and not exclusive of any other rights or remedies to which the parties may be lawfully entitled under this Agreement or at law or equity, and the parties will be entitled to pursue any and all of their respective rights and remedies concurrently, consecutively and alternatively.
11.4. Dispute Resolution. The parties agree to the following dispute resolution procedure:
a) Mediation. If any dispute related to this Agreement (a “Dispute”) cannot be resolved by negotiation, the parties agree, upon any party giving written notice, the parties will submit the Dispute to non-binding mediation in Denver, Colorado by a mediator mutually agreed upon by the parties. If the parties are unable to agree upon a mediator, JAMS shall appoint the mediator. In any event, the mediation shall take place within thirty (30) days of the date that a party gives the other party written notice of its desire to mediate the Dispute. The cost of the mediation shall be borne equally by all parties.
(b) Arbitration. If the Dispute (excluding claims for injunctive or other equitable relief as set forth below) is not resolved by mediation pursuant to this Section 11.4, it shall be resolved by binding arbitration on an individual basis under the terms of this arbitration agreement (“Arbitration Agreement”). Unless otherwise agreed, all arbitration proceedings shall be held in English. This arbitration agreement applies to You and Jacobsen.
(i) Arbitration Procedure. Before either party may seek arbitration, the party must first send to the other party a written notice of Dispute describing again the nature and basis of the Dispute, and the requested relief. Such notice should be sent Jacobsen at 885 Arapahoe Ave., Boulder, CO 80302. After the
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notice is received, You and Jacobsen may again attempt to resolve the Dispute informally. If You and Jacobsen do not resolve the Dispute within thirty (30) days after the notice is received, either party may begin an arbitration proceeding. The amount of any settlement offer made by any party may not be disclosed to the arbitrator until after the arbitrator has determined the amount of the award, if any, to which either party is entitled.
(ii) Arbitration Rules. Arbitration shall be initiated through JAMS, an established alternative dispute resolution provider that offers arbitration as set forth in this section, or if JAMS is not available to arbitrate, the parties shall agree to select an alternative provider (“ADR Provider”). This Agreement and the rules of the ADR Provider shall govern all aspects of the arbitration, including but not limited to the method of initiating and/or demanding arbitration, except to the extent such rules are in conflict with the Agreement (“Arbitration Rules”). The arbitration shall be conducted by a single, neutral arbitrator. Any claims or disputes where the total amount of the award sought is less than Ten Thousand U.S. Dollars (US $10,000.00) may be resolved through binding non-appearance-based arbitration, at the option of the party seeking relief. For claims or disputes where the total amount of the award sought is Ten Thousand U.S. Dollars (US $10,000.00) or more, the right to a hearing will be determined by the Arbitration Rules. Any hearing will be held in a location within 100 miles of Your residence, unless You reside outside of the United States, and unless the parties agree otherwise. If You reside outside of the U.S., the arbitrator shall give the parties reasonable notice of the date, time and place of any oral hearing. Any judgment on the award rendered by the arbitrator may be entered in any court of competent jurisdiction. If the arbitrator grants You an award that is greater than the last settlement offer that Jacobsen made to You prior to the initiation of arbitration, Jacobsen will pay You the greater of the award or 130% of the settlement offer. Each party shall bear its own costs (including attorney’s fees) and disbursements arising out of the arbitration and shall pay an equal share of the fees and costs of the ADR Provider.
(iii) Additional Rules for Non-Appearance Based Arbitration. If non-appearance based arbitration
is elected pursuant to Section “(ii)” above, the arbitration shall be conducted by telephone, online and/or based solely on written submissions; the specific manner shall be chosen by the party initiating the arbitration. The arbitration shall not involve any personal appearance by the parties or witnesses unless otherwise agreed by the parties.
(iv) Time Limits. If You or Jacobsen pursues arbitration, the arbitration action must be initiated and/or demanded within the statute of limitations (i.e., the legal deadline for filing a claim) and within any deadline imposed under the Arbitration Rules for the pertinent claim.
(v) Authority of Arbitrator. If arbitration is initiated, the arbitrator will decide the rights and liabilities, if any, of You and Jacobsen, and the dispute will not be consolidated with any other matters or
joined with any other cases or parties. The arbitrator shall have the authority to grant motions dispositive of all or part of any claim. The arbitrator shall have the authority to award monetary damages, and to grant any non-monetary remedy or relief available to an individual under applicable law, the ADR Provider’s rules, and the Agreement. The arbitrator shall issue a written award and statement of decision describing the essential findings and conclusions on which the award is based, including the calculation of any damages awarded. The arbitrator has the same authority to award relief on an individual basis that a judge in a court of law would have. The award of the arbitrator is final and binding upon You and Jacobsen.
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(vi) Waiver of Jury Trial. THE PARTIES HEREBY WAIVE THEIR CONSTITUTIONAL AND STATUTORY RIGHTS TO GO TO COURT AND HAVE A TRIAL IN FRONT OF A JUDGE OR A JURY, instead electing that all claims and disputes shall be resolved by arbitration under this Arbitration Agreement. Arbitration procedures are typically more limited, more efficient and less costly than rules applicable in a court and are subject to very limited review by a court. In the event any litigation should arise between You and Jacobsen in any state or federal court in a suit to vacate or enforce an arbitration award or otherwise, YOU AND JACOBSEN WAIVE ALL RIGHTS TO A JURY TRIAL, instead electing that the dispute be resolved by a judge.
(vii) Waiver of Class or Consolidated Actions. ALL CLAIMS AND DISPUTES WITHIN THE SCOPE OF
THIS ARBITRATION AGREEMENT MUST BE ARBITRATED OR LITIGATED ON AN INDIVIDUAL BASIS AND NOT ON A CLASS BASIS, AND CLAIMS OF MORE THAN ONE USER CANNOT BE ARBITRATED OR LITIGATED JOINTLY OR CONSOLIDATED WITH THOSE OF ANY OTHER USER.
(viii) Confidentiality. All aspects of the arbitration proceeding, including but not limited to the award of the arbitrator and compliance therewith, shall be strictly confidential. The parties agree to maintain confidentiality unless otherwise required by law. This paragraph shall not prevent a party from submitting to a court of law any information necessary to enforce this Agreement, to enforce an arbitration award, or to seek injunctive or equitable relief.
(ix) Severability. If any part or parts of this Arbitration Agreement are found under the law to be invalid or unenforceable by a court of competent jurisdiction, then such specific part or parts shall be of no force and effect and shall be severed and the remainder of the Agreement shall continue in full force and effect.
(x) Right to Waive. Any or all of the rights and limitations set forth in this Arbitration Agreement
may be waived by the party against whom the claim is asserted. Such waiver shall not waive or affect any other portion of this Arbitration Agreement.
(xi) Survival of Agreement. This Arbitration Agreement will survive the termination of Your relationship with Jacobsen.
(xii) Small Claims Court. Notwithstanding the foregoing, either You or Jacobsen may bring an individual action in small claims court.
(xiii) Emergency Equitable Relief. Notwithstanding the foregoing, either party may seek emergency equitable relief before a state or federal court in order to maintain the status quo pending arbitration. A request for interim measures shall not be deemed a waiver of any other rights or obligations
under this Arbitration Agreement.
(xiv) Claims Not Subject to Arbitration. Notwithstanding the foregoing, claims of defamation, violation of the Computer Fraud and Abuse Act, and infringement or misappropriation of the other party’s
patent, copyright, trademark or trade secrets shall not be subject to this Arbitration Agreement.
(xv) Courts. In any circumstances where the foregoing Arbitration Agreement permits the parties to litigate in court, the parties hereby agree to submit to the personal jurisdiction of the state and federal courts located in Denver County, Colorado, for such purpose.
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11.5. Force Majeure. Except for any payment obligation hereunder, Jacobsen shall not be liable to You for any delay or non-performance of an obligation under this Agreement arising from any cause or causes beyond Jacobsen’s reasonable control, including, without limitation, as a result of a governmental act, war, failure of telecommunication links and equipment, fire, flood, explosion or civil unrest (each a “ Force Majeure Event”). If Jacobsen experiences a Force Majeure Event, it will take commercially reasonable efforts to mitigate the impact thereof.
11.6 Relationship of the Parties. Jacobsen and You are independent contractors. This Agreement does not create a partnership, franchise, joint venture, agency, fiduciary or employment relationship between the parties, and neither party will represent that it has any authority to assume or create any obligation, express or implied, on behalf of the other party, nor to represent the other party as agent, employee, franchisee, or party in any other capacity or manner.
11.7. Amendments. This Agreement may be modified by Jacobsen from time to time. If Jacobsen makes material changes to the Agreement, Jacobsen will notify You no less than thirty (30) days prior to such material changes taking effect. You agree that unless You notify us of Your objection to any such material changes, such amended Agreement will be effective thirty (30) days after the date of Jacobsen’s notification to You, and Your continued use of the Services after that time shall constitute Your acceptance of the amended Agreement.
11.8. Waiver. No failure or delay by either party in exercising any right under this Agreement will constitute a waiver of that right. No consent or waiver by a party to or of any breach or default by the other party in its performance of its obligations under this Agreement will be effective unless in writing and signed by both parties or deemed or construed to be a consent to or waiver of a continuing breach or default of any other breach or default of those or any other obligations of such other party.
11.9. Assignment. Neither party may assign or transfer, by operation of law or otherwise, this Agreement or any of its rights under this Agreement to any third party without the other party's prior written consent; except that either party may assign this Agreement by operation of law or otherwise to any successor to its business or assets to which this Agreement relates, whether by merger, sale of assets, sale of stock, reorganization or otherwise. Any attempted assignment or transfer in violation of the foregoing will be null and void. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns and shall not confer any rights or remedies upon any person or entity not a party hereto.
11.10. Entire Agreement. This Agreement sets forth the general terms and conditions applicable to all Services provided by Jacobsen to You and the entire understanding and agreement of the parties. This Agreement supersedes all prior and contemporaneous agreements and communications, whether oral or written, between the parties, as to the subject matter of this Agreement. To the extent of any conflict between the provisions of this Agreement and the provisions of any Subscription Form the provisions of this Agreement shall govern.
Last Updated: [ January 2021 ]
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