Soybean Oil Prices Decline Despite Rally in Crude
World vegetable oil prices were mixed on Thursday with palm oil rising while soybean oil ignored rising crude oil prices and settled modestly lower. Meal/oil spreading drove the weakness in soybean oil and was strong enough for traders to ignore nearby crude futures rising more than two percent. Rising vegetable oil prices in China remain the focus for palm oil traders as soybean oil and palm oil futures both added to gains posted on Wednesday.
Vegetable oil prices remain relatively low in China, but tight stock levels are starting to drive prices higher. Traders expect the fundamental situation in China to drive palm oil export demand, which has likely contributed to the sharp rise in Malaysian shipments during the first half of May. It is unlikely China will purchase U.S. soybean oil to build its stocks. However, the…
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...