Vegetable Oils Rise on Bullish MPOB Data and Gains in Energy
Despite bearish United States Department of Agriculture (USDA) soybean supply and demand forecasts, which drove soybean futures more than two percent lower, soybean oil futures managed to settle about 1/2 percent higher. Overnight gains in palm oil futures supported soybean oil values. However, the relatively larger gains in palm oil futures drove the spread between the January contracts down to a fresh life-of-contracts low of almost 1 1/2 cents. A sharp rally in the energy complex, including a three percent increase in West Texas Intermediate (WTI) futures, lent modest support to vegetable oil values.
USDA raised its forecast of 2020/21 U.S. soybean crush by 15 million bushels, increasing its prediction of soybean oil production by 175 million pounds. USDA offset a portion of the larger supply with a…
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...