Soybean Oil Futures Post Largest Monthly Gain Since December
Soybean oil futures rallied on Friday as a combination of strength in soybean and crude oil markets, fund spreading, and technically-driven buying drove prices higher. The palm oil market was closed in observance of the Eid-al-Adha holiday, but soybean oil futures gained about two percent (September contract +58 basis points). Traders ran stops above the 200-day moving average, which left futures to settle near the highs of the day.
For the week, soybean oil futures gained nearly two percent (September contract +55 basis points) to settle at the highest price since February 24. For the month, prices rose more than 7 1/2 percent (September contract +217 basis points) for the largest…
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...