Vegetable Oil Prices Rally Despite Drop in Crude
World vegetable oil prices rallied on Wednesday despite profit-taking in crude oil futures. Palm oil futures traded for the first time in almost a week and rallied on bullish data while technically driven buying in soybean oil futures and spreading by funds contributed to the strength in soybean oil.
Soybean oil futures rose into the upper end of the new trading range and settled at the highest price since April 9, with contracts gaining more than one percent (July contract +33 basis points). Selling at the upper Bollinger band limited the advance, which left the most actively traded July contract just 40 basis points from the upper bound of the new trading range. If the July contract can breach the 28-cent level, there is little technical resistance until it reaches 30 cents. The Jacobsen believes soybean oil futures…
05.03.2024
Biodiesel imports fall to 8-month low in March; exports rise to 3-month high
Biodiesel imported into the US fell in March for the first time in four months while biodiesel exported from the US reached a three-month high.
Import demand from...
05.03.2024
BFT, soybean oil weekly average prices tumble
For the week to Friday, prices were broadly lower compared with the prior week’s average. Packer bleachable fancy tallow was down by 2.2% from the prior week’s average on...
05.03.2024
US animal protein prices remain under pressure; soymeal rises
US animal protein prices were mixed in the week to Friday May 3 but showed no large movements, with multiple market participants traveling for the Petfood Forum in Kansas...