Position Squaring Lifts Soybean Oil Ahead of USDA Data
Technically driven buying and short-covering ahead of the United States Department of Agriculture’s (USDA’s) monthly World Agricultural Supply and Demand Estimates (WASDE) report, scheduled for release Thursday at 11 a.m. (CST), lifted prices in the soybean complex on Wednesday. Steady palm oil prices overnight reduced the premium for palm oil futures relative to soybean oil, but the spread remains just above the recent life-of-contract low. West Texas Intermediate (WTI) futures ended the day close to unchanged. Still, after sharply dropping after the weekly inventory data release, the rally back to unchanged may have provided limited support for soybean oil.
Traders expect USDA’s report to be mildly bullish for the soybean complex. Surveys suggest modest reductions in USDA’s projection of…
11.15.2024
October soybean crush reaches all-time monthly high; biofuel demand limits rise in soybean oil stocks
The National Oilseed Processors Association (NOPA) reported the October soybean crush at a record monthly high of 199.9592 million bushels, eclipsing the previous record of 196.406 million bushels set...
11.15.2024
UCO 2025 market clouded by China’s cancellation of export rebate
China will cancel its current 13% export tax rebate for used cooking oil (UCO), a key biofuel feedstock, effective December 1, the country’s Ministry of Finance and the State...
11.15.2024
US animal protein prices steady to firmer week on week; SBM under pressure
The US animal proteins market was steady to higher in the week to Friday November 15. Even with decreases in Chicago Board of Trade (CBOT) soybean meal futures, prices...