Argentine Plant Explosion Could Drive Veg Oil Prices Higher
Vegetable oil prices were mixed on Wednesday, with nearby palm oil futures rising while deferred contracts and soybean oil prices fell. Follow-through buying from Tuesday’s bullish cargo surveyor data and strength in Chinese vegetable oil futures supported nearby palm oil prices, but weakness in crude oil prices and fund spreading weighed on soybean oil values. Crude oil prices were steady throughout the overnight session but fell sharply at the U.S. open to settle four percent lower (December contract -$1.67 per barrel). Despite the sharp decline, the benchmark West Texas Intermediate (WTI) December contract held the critical $40 per barrel level. A larger-than-expected build in U.S. gasoline inventories contributed to the decline in crude oil values.
Nearby soybean oil futures fell about 1/4 percent (December…
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...