Palm Oil Prices Spike 10 percent; Soy Oil Sinks as Crude Oil Plunges

Palm Oil Prices Spike 10 percent; Soy Oil Sinks as Crude Oil Plunges

Palm Oil Prices Spike 10 percent; Soy Oil Sinks as Crude Oil Plunges

World edible oil prices were mixed on Wednesday, with palm oil futures surging ten percent after Indonesia announced it would further restrict exports of the tropical oil to combat high prices at home. Soybean oil prices in Chicago, however, sank on profit-taking and the liquidation of long oil share positions by funds. The soybean markets were pulled lower by a massive sell-off in energy prices after reports the United Arab Emirates planned to ask OPEC members to hike crude oil production.

The biggest news of the day though was the noon release of the USDA’s February World Agricultural Supply and Demand Estimates (WASDE), which, in the end, brought few surprises. USDA said the March WASDE was an initial assessment of the short-term impacts of Russia’s recent military action in Ukraine. The conflict has “significantly increased the uncertainty of agricultural supply and demand…

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03.01.2024

Cold, Winter Weather Impact January Soybean Crush

Cold, Winter Weather Impact January Soybean Crush

**Bob Lane was out of the office today and will return on Monday, March 4, 2024.**

U.S. soybean crushing volumes totaled 195 million bushels in January, the USDA reported on...

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Week Closes with Active Gulf Market

Week Closes with Active Gulf Market

Used cooking oil (UCO) traded as low as 39.5 cts/lb into the Gulf market with bids and offers heard in a wide range over the last 24 hours. Offers...

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Animal Proteins – Friday

Animal Proteins – Friday

The market was quiet today with no changes. 

Looking at the monthly averages in February, the markets were mixed in terms of price direction with intra-month volatility seen. 

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