Bounce in Soybean Futures Drive Gains in Soybean Oil
Soybean oil futures jumped sharply on Thursday despite disappointing weekly export sales data. A sharp rally in soybean futures and news that the Indonesian government would raise the tax rate on palm oil exports contributed to the bullish tone. Fund liquidation of short oil share positions also added to the gains, which left the benchmark contract well above the psychologically important 37-cent level. The continued decline in the value of the U.S. dollar also contributed to the soy complex’s strength, and gains in energy futures provided some of the outperformance of soybean oil versus the rest of the complex.
The United States Department of Agriculture (USDA) reported that soybean oil sales during the week ending November 26 totaled a marketing-year low of 2,500 tonnes. The total fell well below the lower end of…
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...