Palm Oil Futures Rally on Indonesian Biodiesel Plan
Vegetable oil prices continued to bounce on Thursday despite weakness in crude oil triggered, in part, by ugly macroeconomic data that drove selling in commodities in early U.S. trading. Strength in palm oil helped support soybean oil futures in the overnight session, but fund spreading after the U.S. open weighed on prices. Futures were above to recover as crude oil prices ultimately rallied from a substantial decline early in the session.
Soybean oil futures gained about 1/2 percent (September contract +17 basis points per pound), but once again, selling at the 200-day moving average limited the advance. Buying at the 15-day moving average limited the early decline and futures also found support at the five-day exponential moving average but settled just below the 10-day moving average. Given the resistance at the…
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...