Spot US palm oil and olein prices clawed higher again in the week to Wednesday October 30, hitting highs above 60.00 cents per lb, levels not seen in more than two years since July 2022.
On Wednesday, Fastmarkets assessed the price of palm oil, RBD, fob US Gulf at 60.50-61.00 cents per lb, up from 59.00-59.50 cents per lb a week earlier.
Fastmarkets assessed the price of palm olein, RBD, fob US Gulf at 60.75-61.25 cents per lb on Wednesday, increasing from 59.25-59.75 cents per lb on October 23.
In the last year, Gulf palm oil and olein prices have jumped by more than 36%.
The cash market has been advancing since early August, in step with ongoing gains in the palm oil futures market.
On the Bursa Malaysia Exchange, benchmark palm oil futures rose at midweek amid strength in rival vegetable oil markets and expectations for a seasonal decline in production and increased export demand.
…
11.22.2024
Biodiesel margins rise, but window of opportunity limited
Biodiesel margins continued to rise during the week to Friday November 22. The bean oil/heating oil (BOHO) spread boosted margins by falling to its lowest level since August 27.
11.22.2024
Gulf prices average higher despite weeklong declines in SBO
For the week ended Friday November 22, packer bleachable fancy tallow (BFT) remained unchanged from the previous week’s average, while Gulf Coast-delivered tallow rose 2.7%, primarily...
11.22.2024
Bloodmeal largest price mover week on week; November cattle on feed higher
US animal protein prices were mixed to mostly higher for the week to Friday November 22, with only meat and bonemeal showing a slight price reduction due to tighter...