Vegetable Oil Prices Mixed Following Bullish NOPA Data
World vegetable oil prices were mixed on Monday as overnight weakness in crude oil weighed on both the soybean oil and palm oil markets. However, bullish data from the National Oilseed Processors Association (NOPA) and a sharp rally in crude oil prices during U.S. trading hours reversed the decline in soybean oil contracts.
The rally drove soybean oil futures almost three percent above the overnight lows to leave most contracts up more than 3/4 percent (July contract +24 basis points per pound) for the day. Selling just below the 10-day and at the 15-day moving averages limited the gains, while buying below the 20-day moving average helped support prices for the second consecutive day. The most actively traded July contract tested the key psychological 27-cent level overnight and bounced, which should provide…
11.22.2024
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.
11.22.2024
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...
11.22.2024
Bloodmeal largest price mover week on week; November cattle on feed higher
US animal protein prices were mixed to mostly higher for the week to Friday November 22, with only meat and bonemeal showing a slight price reduction due to tighter...