Vegetable Oil Prices Continue Move Higher, but Reduction of Technical Pressure May Slow or Reverse Gains in Short Term
The continued recovery in crude oil futures helped lift world vegetable oil markets on Thursday, but the gains in soybean oil were much smaller than palm oil. West Texas Intermediate (WTI) futures rose about 16 percent at the end of the U.S. agricultural session but was down about $2 per gallon from the overnight highs. The rally from the low set on Tuesday has brought the WTI contract back in touch with the 5-day exponential moving average and back into the range defined by the Bollinger bands, which may slow the rally down on Friday.
Soybean oil futures gained less than 1/4 percent (July contract +5 basis points per pound) as the weakness in crude oil during U.S. trading hours contributed to steady selling for most of the session. The July contract…
11.15.2024
October soybean crush reaches all-time monthly high; biofuel demand limits rise in soybean oil stocks
The National Oilseed Processors Association (NOPA) reported the October soybean crush at a record monthly high of 199.9592 million bushels, eclipsing the previous record of 196.406 million bushels set...
11.15.2024
UCO 2025 market clouded by China’s cancellation of export rebate
China will cancel its current 13% export tax rebate for used cooking oil (UCO), a key biofuel feedstock, effective December 1, the country’s Ministry of Finance and the State...
11.15.2024
US animal protein prices steady to firmer week on week; SBM under pressure
The US animal proteins market was steady to higher in the week to Friday November 15. Even with decreases in Chicago Board of Trade (CBOT) soybean meal futures, prices...