Vegetable oil prices were mixed at the close Monday; palm oil futures climbed less than one percent, and U.S. soybean oil markets worked lower. Soybean meal prices rallied, triggering the liquidation of long oil share positions by funds.
Soybean oil futures retreated in early U.S. trading hours, tracking initial weakness in crude oil prices. Traders continued to wonder if the U.S. might release crude oil supply from the Strategic Petroleum Reserve to help alleviate high prices. However, West Texas Intermediate crude oil futures pared losses and ended up 9 cents higher (January contract $80.88 per barrel).
Despite the late-day recovery in WTI prices, benchmark December soybean oil futures closed 1.3 percent lower (December contract -77 cents per pound). Losses for 2022 soybean oil contracts were slightly larger (October 2022 contract -93 basis points per pound) due to the liquidation of bull spreads, as soymeal prices surged 2.6 percent. Traders said a shortage of…
04.15.2024
Soybean oil stocks climb as soybean crush reaches record high
The National Oilseed Processors Association (NOPA) reported the March soybean crush at an all-time high of 196.406 million bushels. This was largest crush on record, outpacing by 0.55%,...
04.15.2024
Soybean oil market adds negative pressure to DCO market
Distiller’s corn oil (DCO) traded in a range of 45.5 - 46 cents lb delivered US Gulf today on what was otherwise a quiet trading day.
The lower...
04.15.2024
Hog slaughter forecast lower into May
Market sources reported no trades outside the previously set ranges for animal proteins in the US for Monday April 15.
For the week ending April 20, 2024, hog...