Bullish Export Data Lifts Soybean Oil Futures
World vegetable oil prices rallied on Thursday as buyers returned to the palm oil market despite weakness in crude oil and Chinese vegetable oil markets overnight. The strength in palm oil and bullish weekly export sales data triggered fund spreading in soybean oil, which helped drive prices higher. Crude oil prices traded in a $1 per barrel range but ended the U.S. agricultural session about 3/4 percent lower.
Soybean oil futures gained about 1/2 percent (September contract +16 basis points per pound) but settled about one percent below the high of the day. The high occurred just after the U.S. opening as data indicating the first U.S. exports to China drove prices higher after someone either established or added a substantial number of contracts to a…
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...
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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...
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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...