Crude Oil Gains Contribute to Rally in Vegetable Oil Futures
Vegetable oil prices rose sharply on Friday as gains in crude oil and a sharp increase in Chinese prices drove buying. The gains left palm oil and soybean oil futures at the highest levels since prices bottomed following the coronavirus pandemic. Crude oil prices were supported by members of the Organization of Petroleum Exporting Countries (OPEC) promising to meet supply reduction commitments. The announcement, plus the continued recovery of demand from the coronavirus lows, helped West Texas Intermediate futures trade more than $1 per barrel higher before selling late in the morning driven by weakness in equities, erased the overnight rally. However, prices recovered in the afternoon and settled at the highest level since March 6.
Soybean oil futures rose more than 1 1/2 percent (July contract +46 basis…
05.06.2024
Strong biodiesel production seen weighing on crude glycerin prices
The whispers of declining biodiesel production are meeting with resistance. Some observers have been sounding the alarm regarding declining production for over a year now, but if true, biodiesel...
05.06.2024
Average weekly hog slaughter to decrease into mid-June: Fastmarkets’ research team
Distillers’ corn oil (DCO) prices fell to 42-43.5 cents per lb delivered US Gulf on Monday May 6 for May-June shipments. There was additional trading reported on the same...
05.06.2024
Year-to-date commercial cattle production falls 2.30% y-o-y
US animal proteins prices were steady on Monday May 6. Limited trade was reported, with several market participants only testing prices, Fastmarkets heard.
US hog slaughter
Fastmarkets research...