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…
05.07.2024
Singapore Airlines Group orders SAF from Neste ahead of mandate
The Singapore Airlines Group (SIA) will be the first to receive sustainable aviation fuel (SAF) from Neste’s expanded Singapore refinery, the companies announced on Monday May 6.
SIA...
05.07.2024
Animal fats prices to US Gulf jump on growing demand
Choice white grease prices went up in FOB markets on Tuesday, with trading done in a range of 37.5-39.5 cents per lb FOB Missouri River. Prices were boosted by...
05.07.2024
Feathermeal, ruminant bloodmeal prices lower; March IE MM well above 3-year average
US domestic feathermeal prices were lower in all six regions on Tuesday May 7, with reports of buyer pushback due to excess inventory levels in the market.
Fastmarkets...