Vegetable Oil Prices Drop Ahead of Critical Week for Data
World vegetable oil prices moved lower on Friday as profit-taking in palm oil and selling across the soybean complex drove prices lower. Concerns about the inability of the U.S. Administration and Congress to agree on the next phase of relief for the pandemic weighed on crude oil futures, which settled about one percent lower. The concerns about the economic impact without a new aid package triggered general selling in commodities markets, which also weighed on vegetable oil futures.
Soybean oil futures fell more than one percent (September contract -37 basis points per pound). However, the decline in deferred futures was more significant, with most 2021 contracts down 1 3/4 percent (January contract -52 basis points). The liquidation of long oil share positions by funds also contributed to the weakness. Prices…
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...