World Vegetable Oil Prices Mixed Following Data Release
World vegetable oil prices were mixed on Thursday. However, traders’ reactions to the data released by the United States Department of Agriculture (USDA) and the Malaysian Palm Oil Board (MPOB) on Thursday were minimal. A sharp correction in crude oil prices drove soybean oil futures lower, while cargo surveyor data indicating a sharp jump in Malaysian palm oil shipments supported prices. The sharp correction in crude is likely to be the primary driver of prices over at least the balance of this week.
Soybean oil futures fell about 1 3/4 percent (July contract -50 basis points) to the lowest close in June. Selling at the five-day exponential and 10-day moving averages contributed to the weakness while buying at the 20-day moving average limited the decline. The USDA data was slightly bearish as USDA lifted its…
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Biodiesel margins rise, but window of opportunity limited
Biodiesel margins continued to rise during the week to Friday November 22. The bean oil/heating oil (BOHO) spread boosted margins by falling to its lowest level since August 27.
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Gulf prices average higher despite weeklong declines in SBO
For the week ended Friday November 22, packer bleachable fancy tallow (BFT) remained unchanged from the previous week’s average, while Gulf Coast-delivered tallow rose 2.7%, primarily...
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Bloodmeal largest price mover week on week; November cattle on feed higher
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