Rising Energy and Soybean Futures Push Soy Oil Prices Higher
Vegetable oil prices rallied on Wednesday as continued strength in the energy market and a sharp rally in soybean futures supported prices. Crude oil futures gained about four percent (December contract +$1.49 per barrel) following inventory data showing a decline in stocks and increasing momentum for a delay in output from the Organization of Petroleum Exporting Countries (OPEC+) and other affiliated countries. Selling at the 20-day moving average limited the gains. Still, the benchmark contract settled above the $39 per barrel level and narrowed the spread between soybean oil prices and heating oil prices, suggesting improving biodiesel producers’ profitability.
Soybean oil prices gained about two percent (December contract +61 basis points) despite light meal/oil spreading by funds. The rally left the…
12.20.2024
45z guidance fails to appear; government scrambles to pass spending bill
The US government spending bill failed twice in as many days. If a deal is not reached by midnight on Friday December 20, some federal services will...
12.20.2024
US animal fats and oils end week softer across the board ahead of holiday slowdown
Prices for US animal fats and oils ended the week on a lower note on Friday December 20, with most markets trending downward ahead of the upcoming holiday week,...
12.20.2024
December cattle on feed down on month, year
Most US animal protein prices were rangebound for the week, though in wider ranges due to the impending Christmas and New Year's holiday closures.
The only significant price...