Soybean Oil Prices Mixed Despite Bullish Export Sales Data
Soybean oil and palm oil prices were marginally lower on Friday despite robust export sale data for soybean oil. The United States Department of Agriculture’s (USDA’s) Weekly Export Sales report featured a marketing-year high for sales of 88,000 tonnes. Sales of 33,000 tonnes to India and 30,000 tonnes to South Korea accounted for the bulk of the total. It is probably not a coincidence that soybean oil sales were robust during a week when prices rose more than seven percent, given that the soybean oil/palm oil price spread was below 1/2 cent. Given that Indian soybean farmers harvested a larger crop than last year and the spread between soybean oil and palm oil is in the lower end of the historical range, Indian buyers may have substituted soybean oil for palm oil. It is not uncommon for Indian buyers to source soybean oil from the United…
05.03.2024
Biodiesel imports fall to 8-month low in March; exports rise to 3-month high
Biodiesel imported into the US fell in March for the first time in four months while biodiesel exported from the US reached a three-month high.
Import demand from...
05.03.2024
BFT, soybean oil weekly average prices tumble
For the week to Friday, prices were broadly lower compared with the prior week’s average. Packer bleachable fancy tallow was down by 2.2% from the prior week’s average on...
05.03.2024
US animal protein prices remain under pressure; soymeal rises
US animal protein prices were mixed in the week to Friday May 3 but showed no large movements, with multiple market participants traveling for the Petfood Forum in Kansas...