U.S. soybean oil prices ended slightly higher on Monday, alongside gains in crude oil markets and a rally in soybean meal futures. Meal futures hit lock limit-up, with several contracts, including December and January, hitting record highs due to worries that hot weather and dryness in Brazil will negatively impact the country’s crop.
On the CME in Chicago, product spreading kept a lid on soybean oil markets. The benchmark soy oil futures contract (December) crossed below 50 cents per pound briefly but recovered and ended the session above 51 cents per pound, at 51.54 cents per pound. This was up 34 basis points per pound, or 0.7 percent.
In its Weekly Crop Progress Report released after the market close on Monday, the USDA indicated that 95 percent of the U.S. soybean crop had been harvested as of the week ending November 12. This compared to 91 percent the week and 96 percent during the same week in…
04.30.2024
Biofuel feedstock demand rises while capacity declines: EIA
EIA Biofuels Capacity and Feedstock Update
The Energy Information Administration’s (EIA) Monthly Biofuels Capacity and Feedstocks Update, released on Tuesday April 30, showed that operable US biofuel capacity declined...
04.30.2024
Chicago edible tallow trades lower
The edible tallow price fell to 52 cents per lb Chicago basis on the afternoon of Tuesday April 30. Tallow trading was quiet outside of the edible tallow market.
04.30.2024
April animal protein values mixed month on month
US animal proteins prices were mostly steady on Tuesday April 30. Limited trade was again reported, with multiple market participants attending the Petfood Forum in Kansas City, Missouri, held...