Soybean Oil Futures Set New Post-Pandemic High on Soy Buying
Soybean oil futures jumped sharply on Wednesday as the selling pressure in the soybean complex on Tuesday was reversed, with soybean prices rising about two percent. The Malaysian market was closed in observance of a holiday, but will likely play catch up when trading resumes overnight.
Crude oil prices also traded sharply higher, with West Texas Intermediate (WTI) contracts rising about five percent on short covering following bullish data released on Wednesday from the American Petroleum Institute (API). The advance left the benchmark October contract back above $40 per barrel and, given the relative outperformance relative to soybean oil, narrowed the spread (HOBO) between the two commodities. A narrower spread suggests biodiesel production using soybean oil is more profitable for producers. Soybean oil…
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...
05.03.2024
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...
05.03.2024
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...