Palm oil and soybean oil futures ended sharply higher on Friday, as traders covered positions ahead of next week’s RVO announcement from the U.S. EPA. The big market feature heading into the day was the release of the USDA’s May World Agricultural Supply and Demand Estimates (WASDE). The report, however, proved to be a rather dull one for soybeans and the byproducts.
The agency made marginal changes to its U.S. 2022/23 ending soybean and soybean oil supply/ demand estimates but held steady mostly of its projections for 2023/24. U.S. soybean oil inventories are still expected to end the current marketing year at 1.991 million pounds and 2023/24 at 1.936 million pounds. For 2023/24, U.S. soybean oil exports remain eyed at 600 million pounds, and the average forecast price for soybean oil in Decatur was unchanged at 58 cents per pound, down from an estimate of 64 cents per pound in 2022/23.
…
05.13.2024
US glycerin prices mostly steady amid increasing biodiesel production
Glycerin prices in the US were steady to slightly lower on Monday May 13. US biodiesel production has been increasing, boosting the supply of glycerin — a co-product of...
05.13.2024
Weekly cattle slaughter forecast to remain below 2023 levels into June
US cattle slaughter
Fastmarkets research team forecast cattle slaughter at 630,000 head in the week to Saturday May 18, down by 1.61% compared with the same period in 2023.
05.13.2024
Six-week hog slaughter forecast to be flat or up from 2023
US hog slaughter
Fastmarkets research team forecast hog slaughter at 2.425 million head in the week to Saturday May 18, up by 0.75% from the same period in 2023.