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…
11.26.2024
Biomass-based diesel market quiet ahead of US holiday
Biomass-based diesel markets were quiet on Tuesday November 26 ahead of the US Thanksgiving holiday.
Biofuel markets in general have slowed ahead of the implementation of the Clean...
11.26.2024
BFT prices climb as some DCO markets trend lower
Bleachable fancy tallow (BFT) prices rose again on Tuesday November 26 during another relatively quiet trade session while the market slows ahead of the Thanksgiving holiday in the US.
11.26.2024
Sluggish trade ahead of Thanksgiving; October broiler slaughter well above 2023
Trade values below the current ranges were indicated on meat and bonemeal, although reported trades were still rangebound on the day.
Fastmarkets assessed the price of poultry by-product...