Vegetable Oil Prices Rally on Short Covering, Can it Last?
Vegetable oil prices rallied sharply on Tuesday as fund liquidation of short oil share positions, and bullish cargo surveyor data drove buying. Crude oil also rallied on optimism about the potential for agreement on a U.S. stimulus package, contributing to the bullish tone. The benchmark West Texas Intermediate (WTI) contract gained a little more than one percent to settle at its highest price since late August.
Soybean oil futures jumped nearly 2 1/2 percent (December contract 78 basis points per pound) and settled near the high of the day. The move left the December contract back above the psychologically important 33-cent level and above the 50-day moving average after falling below that level on Monday for the first time since October 2. While short-covering may have driven the move on Tuesday, vegetable oil fundamentals remain relatively bullish. In the…
04.30.2024
Biofuel feedstock demand rises while capacity declines: EIA
EIA Biofuels Capacity and Feedstock Update
The Energy Information Administration’s (EIA) Monthly Biofuels Capacity and Feedstocks Update, released on Tuesday April 30, showed that operable US biofuel capacity declined...
04.30.2024
Chicago edible tallow trades lower
The edible tallow price fell to 52 cents per lb Chicago basis on the afternoon of Tuesday April 30. Tallow trading was quiet outside of the edible tallow market.
04.30.2024
April animal protein values mixed month on month
US animal proteins prices were mostly steady on Tuesday April 30. Limited trade was again reported, with multiple market participants attending the Petfood Forum in Kansas City, Missouri, held...