Vegetable Oil Prices Post Largest Weekly Gain in Three Years
Vegetable oil prices rallied sharply on a combination of concerns about palm oil output and rising demand, especially from China, where vegetable oil futures rose between 1 1/2 and 2 1/4 percent on Friday. Wetter-than-normal conditions in China, Malaysia, and Indonesia are resulting in flooding that is driving concerns about vegetable oil production, particularly palm oil, over at least the balance of the month. The strong rally in vegetable oil prices occurred even though crude oil prices moved slightly lower on Friday. The correlation between the two commodities remains low due to the bullish vegetable oil fundamentals. However, if there were positive developments in the world economy that supported crude oil values, the gains in vegetable oil markets may have been more substantial.
Soybean oil futures…
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...