Vegetable oil prices continued to sell off on Wednesday, with funds taking profits and liquidating long positions, particularly in soybean oil. The pressure was exacerbated by reports that Russia has agreed to an extension of the Black Sea grain export deal. This came just a day before the Russian deadline for renewing the previous agreement on May 18.
Rapid soybean planting in the U.S. Midwest also weighed on soybean prices again at midweek. In Chicago, the benchmark soybean oil futures contract for July delivery continued to collapse, finishing the day below 47 cents per pound today at 46.41 cents per pound, down 104 basis points per pound, or more than two percent.
In Malaysia, the benchmark August palm oil futures contract on the Bursa Malaysia Exchange closed 23 ringgits per tonne, or 0.7 percent, lower at 3,434 ringgits per tonne.
By Min Jie Yaw
…
11.21.2024
Domestic US biodiesel blending helps lift October RFS RIN production
US domestic biodiesel blending of 147.5 million gallons in October produced a monthly high of 221.2 million renewable identification number (RIN) credits for January-October. This was 11.5% above September...
11.21.2024
CWG trades lower as broader animal fats markets hold steady
The US animal fats and oils markets held steady on Thursday November 21, with limited trading as attention shifted toward broader macroeconomic factors and...
11.21.2024
October commercial cattle, hog production above 2023
US animal protein prices were steady on Thursday November 21. Limited trade was reported from market sources due to the proximity of the extended Thanksgiving holiday weekend in the...