Volatility Continues in Soybean Oil Market
Vegetable oil futures were mixed on Friday, driven by weakness in prices on the Dalian exchange and selling across the soybean complex. Crude oil futures were marginally lower but held onto the gains from Thursday’s low, leaving the benchmark November contract above $40 per barrel. Soybean oil extended its streak of weeks with a larger than one cent change in price to five, but the benchmark contract has traded between 33 and 34 cents for the last 10 days.
Nearby soybean oil futures declined by about 1/2 percent (December contract -18 basis points per pound), but the declines in deferred contracts were smaller. Light liquidation of short oil share positions helped limit the decline in soybean oil prices, as did buying below the benchmark contract’s 33-cent level. However, the December contract still settled below the…
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.
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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...