Vegetable Oil Prices Rally Sharply
Vegetable oil markets surged higher on Tuesday as Malaysian currency weakness supported palm oil prices and a rally in crude oil prices during U.S. trading hours contributed to gains in soybean oil. Buying across the soybean complex also helped soybean oil prices. West Texas Intermediate (WTI) futures jumped back above $40 per barrel shortly after the U.S. open and rose to stay above $41 late in the morning. If this is the beginning of a new rally in crude prices, it will support vegetable oil markets in the short term.
Soybean oil futures rose 1 1/4 percent (September contract +38 basis points per pound) to leave the benchmark December contract just above the psychologically crucial 29-cent level. Technical support at the 10-day and 20-day moving average combined with fund oil/meal spreading to support the move higher. It was the…
01.30.2025
Diamond Green Diesel will look to Europe for RD, SAF: Valero
The most attractive markets for renewable diesel (RD) and sustainable aviation fuel (SAF) are Europe and the UK, Eric Fisher, senior vice president of US-based fuels producer Valero, said...
01.30.2025
DCO holds firm while animal fats sentiment softens amid market uncertainty
Activity in the US animal fats and oils markets eased on Thursday January 30 as the month neared its end on a more cautious note amid ongoing uncertainty.
01.30.2025
Limited hide bidding interest; some Chinese tanners engage for discounts
Several hide sellers noted limited bidding interest on Thursday January 30, except for one packer who received strong volume bids from Chinese upholstery and shoe tanners despite the ongoing...