The recent rally in soybean oil futures continued on Friday July 5, following a break for the US Independence Day holiday on July 4.
On the Chicago Mercantile Exchange, August soybean oil futures settled at $0.4955 per lb on Friday, up by 91 basis points, or 1.87%, from a close of $0.4864 per lb on Wednesday. Since June 28, August soybean oil futures have increased by 548 basis points, or 12.43%, in value.
Soybean oil futures prices rallied this week, as managed money held a very large amount of net short positions. Robust soy oil exports, bullish weather outlooks for the US Midwest crop-growing region, lower-than-anticipated US soybean crush and worries of a possible trade war between Indonesia and China all worked to drive market gains this week.
US soybean oil exports surge to new marketing-year high
US net soybean oil sales dropped while exports surged to a new marketing-year high in the week to June 27, data…
12.20.2024
45z guidance fails to appear; government scrambles to pass spending bill
The US government spending bill failed twice in as many days. If a deal is not reached by midnight on Friday December 20, some federal services will...
12.20.2024
US animal fats and oils end week softer across the board ahead of holiday slowdown
Prices for US animal fats and oils ended the week on a lower note on Friday December 20, with most markets trending downward ahead of the upcoming holiday week,...
12.20.2024
December cattle on feed down on month, year
Most US animal protein prices were rangebound for the week, though in wider ranges due to the impending Christmas and New Year's holiday closures.
The only significant price...