Vegetable Oil Prices Rally Sharply As Crude Continues Rally
World vegetable oil prices moved sharply higher on Friday as crude continued its torrid move higher. Crude oil was more than five percent higher at the end of U.S. agricultural trading, which contributed to the gains in soybean oil and palm oil.
Soybean oil futures jumped about 1 1/2 percent (July contract +40 basis points per pound) despite the National Oilseed Processors Association’s (NOPA’s) larger-than-expected end-of-April soybean oil inventories estimate. NOPA reported soybean oil stocks among members totaled 2.11 billion pounds, which was above analysts’ expectation of 2.03 billion. The move left the July contract just below the trend line formed by the highs on April 13 and May 11. The rally over the last two days has driven the July contract to the upper end of the recent range. However, selling above…
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...