Bullish WASDE Drives Soy Complex Prices Higher
Bullish data from the United States Department of Agriculture (USDA) released on Friday, drove soybean oil prices higher. Palm oil prices only moved modestly as traders in Malaysia waited for the results of the USDA report before committing to new long positions. Crude oil prices were modestly higher on Friday but were sharply lower for the second consecutive week.
USDA published its monthly World Agricultural Supply and Demand Estimates (WASDE) and Crop Production reports, which triggered buying across the soybean complex. USDA’s changes to its U.S. soybean oil balance sheets were generally bullish, but rising soybean futures triggered the liquidation of long oil share positions, which limited gains. Still, with the Malaysian Palm Oil Board (MPOB)…
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...