To kick off 2024, US soybean oil futures sat below $0.49 per lb in Chicago. Over the course of the year, prices lost about 17% in value to end 2024 just shy of $0.40 per lb — or the cheapest edible oil in the world.
As US soybean oil prices crumbled, palm oil prices gradually surged in 2024.
By August, palm oil — normally the cheapest vegetable oil globally that trades at a discount of $30-40 per tonne to soybean oil — had moved into a sharp premium instead.
Then in October, for the first time since 2022, Argentina’s soyoil basis premiums rose above those in the US, making the US Gulf export market a more attractive option for foreign buyers. This led to a surge in new US soybean oil export sales in the final weeks of 2024.
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02.21.2025
US animal fats and oils markets finish week strong; broader uncertainty persists
The US animal fats and oils markets ended Friday February 21 on a relatively quiet note, though broader market developments throughout the week have added ongoing uncertainty to the...
02.21.2025
Sausage casings bulletin, February 21, 2025
Runner market commentary
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02.21.2025
US weekly net soybean meal exports, sales retreat again
In the week to February 13, US net soybean meal and soybean cake sales and exports continued to decline but were above most analysts' estimates, data released by the...