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…
05.03.2024
Biodiesel imports fall to 8-month low in March; exports rise to 3-month high
Biodiesel imported into the US fell in March for the first time in four months while biodiesel exported from the US reached a three-month high.
Import demand from...
05.03.2024
BFT, soybean oil weekly average prices tumble
For the week to Friday, prices were broadly lower compared with the prior week’s average. Packer bleachable fancy tallow was down by 2.2% from the prior week’s average on...
05.03.2024
US animal protein prices remain under pressure; soymeal rises
US animal protein prices were mixed in the week to Friday May 3 but showed no large movements, with multiple market participants traveling for the Petfood Forum in Kansas...