Soybean Oil Prices Swept Higher by Surging Bean Complex

Soybean Oil Prices Swept Higher by Surging Bean Complex

Soybean Oil Prices Swept Higher by Surging Bean Complex

Giving back early losses, U.S. soybean oil futures prices advanced on Tuesday, as values were swept higher by an ongoing rally in soy meal and soybean values. Soybean futures closed about 2 1/2 percent higher after breaching the key $15 per bushel level, while soybean meal prices climbed four percent. Worries of crop production losses from South America due to hot and dry weather in areas of Brazil and Argentina in January drove market gains again.

The most heavily traded soybean oil contract closed 1.6 percent higher below 66 cents (March contract +101 basis points per pound). May soybean oil futures gained 1.5 percent (+94 basis points per pound). Contracts for delivery later this year ended 1.2 percent to 1.4 percent up on bull spreading (December contract +80 basis points per pound).  

West Texas Intermediate (WTI) crude oil futures backed off a fresh seven-year high to finish…

Membership is required to view the rest of this post.
Click here to learn more and sign up for a free 7-day trial!

Blog

03.28.2024

LCFS credit volumes, average prices move higher

LCFS credit volumes, average prices move higher

**Please note – There will be no Biomass Based Diesel bulletin on March 29, 2024, in observance of Good Friday.**

**Bob Lane was out of the office today.**


California low carbon...

03.28.2024

Diverging FOB and delivered markets to close out March

Diverging FOB and delivered markets to close out March

Please note – The Jacobsen will not publish an Animal Fats bulletin on Friday, March 29th in observance of the Good Friday holiday.

Trading was quiet ahead of...

03.28.2024

March monthly averages mixed for animal proteins

March monthly averages mixed for animal proteins

** Please note: The Jacobsen will not publish a bulletin on Friday, April 29 in observance of Good Friday. **

Light trade was reported for the end of...

Latest Tweets