Decline in Energy Prices Drives Selling in Vegetable Oils
World vegetable oil prices were sharply lower on Friday, with the continued collapse in crude oil prices the most likely catalyst for selling on Friday. Some traders blamed President Trump’s contraction of the coronavirus as the reason for the weakness in crude oil futures. The President’s case highlights the reacceleration of infection rates, especially in Europe, stoking concerns about the resumption of economic restrictions to slow the second wave of the pandemic.
Crude oil prices fell more than 4 1/4 percent (November contract -$1.67 per barrel). The decline left prices at the lowest level since September 8. However, buying at the $37 level and the lower Bollinger band marginally limited the fall. Without an announcement of progress on a stimulus package in the U.S., or a slowdown in the growth rate of daily…
11.21.2024
Domestic US biodiesel blending helps lift October RFS RIN production
US domestic biodiesel blending of 147.5 million gallons in October produced a monthly high of 221.2 million renewable identification number (RIN) credits for January-October. This was 11.5% above September...
11.21.2024
CWG trades lower as broader animal fats markets hold steady
The US animal fats and oils markets held steady on Thursday November 21, with limited trading as attention shifted toward broader macroeconomic factors and...
11.21.2024
October commercial cattle, hog production above 2023
US animal protein prices were steady on Thursday November 21. Limited trade was reported from market sources due to the proximity of the extended Thanksgiving holiday weekend in the...