Vegetable Oil Futures Extend Midweek Gains on Buying, Spreading

Vegetable Oil Futures Extend Midweek Gains on Buying, Spreading

**Please note — No bulletin/price guide will be published on Monday, May 29 in observance of the Memorial Day holiday**
Benchmark palm oil and soybean oil futures extended higher on Thursday, with additional buying driven by a weaker ringgit versus the U.S. dollar, as well as early strength in the wider energy markets. Forecasts for warm and dry conditions in parts of the eastern Corn Belt into next week were also supportive for U.S. bean oil prices today. On the CME in Chicago, fund oil/meal spreading lifted the nearby and deferred soybean oil contracts by 1% or less on Thursday. The benchmark July soy oil futures contract closed at 48.52 cents per pound, up 52 basis points per pound, or just about 1%, on the session.
 

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

04.16.2024

RIN dashboard

RIN dashboard

Reviewing the RIN dashboard ahead of the March EMTS release. The most recent Energy Information Administration (EIA) energy outlook and the Environmental Protection Agency (EPA) RIN production data provides...

04.16.2024

Cash SBO market weighs on DCO market

Cash SBO market weighs on DCO market

It was an active day in the distiller’s corn oil (DCO) market on Tuesday with pressure from the cash soybean oil market weighing on FOB truck values. Trading was broadly...

04.16.2024

MBM and BM mixed to softer on lower demand

MBM and BM mixed to softer on lower demand

For Tuesday April 16, animal proteins were mixed with most market sources indicating pressure on meat and bonemeal (MBM) and bloodmeal (BM). Market sources indicated mixed demand on MBM...

Latest Tweets