Vegetable Oil Prices Mixed Ahead of Monthly Reports
Vegetable oil prices were mixed again on Wednesday, but for the first time in the last two weeks, soybean oil prices fell sharply while palm oil prices rose sharply. Both markets also generally moved in the opposite direction of crude oil prices, which were lower in overnight trading but rallied during U.S. trading hours. The rally left West Texas Intermediate (WTI) futures to settle at the highest level since March 6.
Soybean oil futures fell more than one percent (August contract -32 basis points per pound) on technically-driven selling and fund spreading. The upper Bollinger band provided resistance for the third consecutive day, but buying at the five-day exponential moving average limited the decline. With soybean oil near the upper end of the recent trading range, futures may continue to move lower. However, the…
12.26.2024
East Coast renewable diesel supplies likely to decline: EIA
Renewable diesel supplies on the US East Coast could be cut in half starting in January as the Clean Fuel Production Credit (CFPC) replaces the expiring Blender’s Tax Credit,...
12.26.2024
US animal fats and oils markets mostly stable, with movement only in CWG
The US animal fats and oils markets were largely steady on Thursday December 26 amid limited trade activity due to the Christmas holiday.
The only notable activity observed...
12.26.2024
Avian flu spikes in poultry, cattle sector at end of 2024
US animal protein prices were steady on Thursday December 26, with limited volumes reported to have been traded.
US avian flu update
Year-to-date US poultry headcounts affected by...