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…
04.30.2024
Biofuel feedstock demand rises while capacity declines: EIA
EIA Biofuels Capacity and Feedstock Update
The Energy Information Administration’s (EIA) Monthly Biofuels Capacity and Feedstocks Update, released on Tuesday April 30, showed that operable US biofuel capacity declined...
04.30.2024
Chicago edible tallow trades lower
The edible tallow price fell to 52 cents per lb Chicago basis on the afternoon of Tuesday April 30. Tallow trading was quiet outside of the edible tallow market.
04.30.2024
April animal protein values mixed month on month
US animal proteins prices were mostly steady on Tuesday April 30. Limited trade was again reported, with multiple market participants attending the Petfood Forum in Kansas City, Missouri, held...