Profit-Taking Drives World Vegetable Oil Prices Lower
Vegetable oil prices were weaker on Monday due to a mix of overnight weakness in crude oil and weakness in the soybean complex. While neither of the moves in the outside markets was dramatic, they were enough to trigger profit-taking following sharp gains in soybean oil and palm oil futures on Friday. Soybean oil traders ignored a rally in crude oil prices during U.S. trading hours as meal/oil spreading weighed on soybean oil futures, while palm oil traders ignored bullish cargo surveyor data due to overnight weakness in crude oil prices.
Nearby soybean oil futures declined by more than 1/2 percent (July contract -17 basis points per pound). However, losses in deferred contracts were generally smaller as contracts with 2021 deliveries fell by about 1/4 percent (January 2021 contract -9 basis points). Selling at 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...