Rapid Planting, Black Sea Extension Crush SBO Prices Further

Rapid Planting, Black Sea Extension Crush SBO Prices Further

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.


Palm Oil Freight Steady on Quiet Discussions

By Min Jie Yaw

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

03.01.2024

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...

03.01.2024

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...

03.01.2024

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. 

Latest Tweets