Buying in Soybean Complex Drives Soybean Oil Prices Higher
Vegetable oil futures were mixed on Monday with buying across the soybean complex supporting soybean oil futures, while weakness on the Dalian weighed on nearby palm oil values. Crude oil prices were volatile as tropical weather drove uncertainty about the status of production platforms in the Gulf, but ended the day closer to overnight lows than the high set just before the opening of U.S. trading. In the short term, there are some indications that the markets may move lower, but the direction will depend on the movement in Chinese vegetable oil markets.
Soybean oil futures gained more than 3/4 percent (December contract +28 basis points per pound), which left the benchmark December contract just below the psychologically critical 32-cent level. There has been some minor resistance at that level, but if…
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...