Soybean Oil Prices Climb on Oil/Meal Spreading, Palm Oil Falls
Vegetable oil prices were mixed again on Tuesday, as palm oil futures declined for a third consecutive session, while soy oil values extended higher. Palm oil markets sold off due to weakness in rival oils in China and an improving production outlook. Fund oil/meal spreading continued in the U.S., with soy oil prices also tracking gains in crude oil prices. West Texas Intermediate (WTI) crude oil markets were initially lower after U.S. President Joe Biden confirmed the U.S. will release 50 million barrels of crude oil for sale from the Strategic Petroleum Reserve as part of a coordinated effort with other nations to help alleviate rising fuel prices. However, the market had been expecting the SPR announcement, and shortly before midday, WTI reversed course, with the January 2022 contract ending 2.3 percent higher (+$1.75 per barrel). The 50-million-barrel release will have a small impact on the…
04.19.2024
Reduced March RIN production not leading to higher RIN Prices
Total March biofuel RIN production was 1.9 billion RINs, which was 6% below February and 15% below December’s RIN output of 2.25 billion. December had the largest monthly production...
04.19.2024
CWG, YG higher on week, UCO, DCO down again
The market was quiet heading into the weekend. Used cooking oil (UCO) traded in large volume into the Gulf at 40 cents per lb delivered in the truck market.
04.19.2024
Price pressure on ruminant and porcine items for the week
Sloppy markets were reported for porcine and ruminant items at the close of week ending Friday April 19.
Wide ranges were witnessed on porcine bloodmeal (BM), with a...