The oil sector had a strong week, which isn’t likely a surprise as more and more of the country is beginning to come out of the shelter within orders that have been in place. WTI crude gained 25 percent, which sounds nice, however, current prices remain 60 percent below levels seen at this time a year ago. Heating oil loosely followed crude, gaining 13 percent of for the week but, like crude, values trail last year’s levels by 56 percent.
The Jobs report released earlier today showed the US lost 20.5 million jobs in April. Borrowing a Tweet from GasBuddy’s Patrick De Haan, that’s the total of everyone in a city the size of Seattle losing their job – every day…
Soybean oil edged higher for the week, gaining 1.5 percent to 26.54 cents per pound for July delivery. The bean oil/heating spread benefitted from the strong run in crude, as the spread declined 6.6 percent to…
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...