Palm Oil Futures Jump on Strength in Chinese Market
Vegetable oil prices were mixed on Friday with palm oil continuing to rally sharply while nearby soybean oil futures rose, and deferred contracts fell. Overnight strength in crude oil prices supported the gains in palm oil, but weakness during the U.S. session left the price of West Texas Intermediate (WTI) futures just marginally higher for the day.
Nearby soybean oil futures rose by nearly one percent (December contract +28 basis points per pound), but deferred contracts fell by as much as 3/4 percent (December 2021 contract -25 basis points). Strength in nearby soybean futures helped support soybean oil values, but fund liquidation of long oil share positions limited the advance. Selling above the upper Bollinger band also weighed on prices, while buying at the five-day exponential moving average limited weakness…
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...