Rally in Chinese Markets Drives Soybean Oil Futures Higher
Strength in Chinese vegetable oil prices continued to drive world vegetable oil futures markets higher on Tuesday. Palm oil and soybean oil prices rallied despite a decline in crude oil prices as cash prices in China reversed the recent trend and set new highs. It is hard to know exactly how big the hole is in the Chinese vegetable oil balance sheet, and the Chinese futures market is substantially more volatile than the Malaysian and U.S. markets. However, for now, the trend continues to be higher, and until that trend reverses, soybean oil and palm oil prices will remain well supported.
Soybean oil futures gained about one percent (December contract +37 basis points per pound) as overnight strength in vegetable oil markets triggered fund spreading. The move left the benchmark December contract at its highest…
11.12.2024
Glycerin prices seen supported by declining biodiesel margins
Glycerin is a co-product of biodiesel production, and its supply is dependent on biodiesel margins. The more profitable the margin environment for biodiesel, the larger the supply of glycerin....
11.12.2024
Animal fats and oils prices stable amid losses in vegoil markets
"I think the big drop in soybean oil had everyone take a pause,” one source said.
December soybean oil futures closed at 46.23 cents per lb on Tuesday, down by...
11.12.2024
Meat and bonemeal, bloodmeal higher on active demand
Prices were highly mixed on Tuesday November 12, with active demand reported by market sources.
Porcine meat and bonemeal prices were steady to higher according to sources...