Soybean Oil/Palm Oil Spread Hits Parity on Mixed Markets
Vegetable oil prices were mixed on Thursday as continuing concerns about palm oil production drove prices higher, while fund spreading and weakness in crude oil weighed on soybean oil prices. Crude oil futures rallied in the overnight session, but selling at the upper Bollinger band triggered profit-taking that sent prices sharply lower by the end of trading. Crude fell almost $1.50 per barrel from the overnight highs to the lows set at the close of agricultural trading. The announcement that the Chinese government would close a U.S. embassy in response to the U.S. government’s closure of the Chinese embassy in Houston earlier in the week triggered the weakness. The announcement also led to a broad sell-off in equity markets.
Soybean oil futures fell about 1/2 percent (September contract -15 basis points per…
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.
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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...
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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...