Veg Oil Prices Extend Lower on Profit-Taking, Crude Oil Collapse
Edible oil prices continued to sell-off on Tuesday, tracking weaker markets on the Dalian Exchange as fresh Covid-19-related lockdowns in China sparked worries of demand destruction for edible oils as well as energy. Extended losses for crude oil futures ahead of an expected rate hike by the U.S. Federal Reserve on Wednesday also pressed on global vegetable oil prices. West Texas Intermediate (WTI) crude oil prices breached the psychologically important $100 per barrel level to close 6.4 percent lower (April contract -$6.57 per barrel) at $96.44 per barrel amid progress in ongoing peace talks between Russia and Ukraine.
Soybean oil futures prices moved off lows after the National Oilseed Processors’ Association reported U.S. soybean crush in February slumped to its lowest level in five months at 165.024 million bushels. This was down more than nine percent on the month but was within…
11.29.2023
Preem to Convert Lysekil Refinery to Produce SAF, Renewable Diesel
Preem, Sweden’s largest fuel company with a refining capacity of over 4.7 billion gallons of crude annually, announced plans to convert its Lysekil refinery to produce sustainable aviation fuel...
11.29.2023
DCO Production Declines for 2nd Week in a Row
*Please Note - Ryan Standard will be out of the office for the remainder of the week. He will return on Monday, December 4, 2023. In his absence, please...
11.29.2023
Heavy Nearby Supply Pressures MBM Markets Lower
Trading was again fairly quiet today, but there continue to be reports of negative pressure on ruminant and porcine meat and bone meal (MBM) markets. Sources again stated that...