Palm Oil Rally Sparks Gains in Soybean Oil Prices
Soybean oil prices jumped higher on Wednesday, support by sharp gains in palm oil futures and another day of increases in the rising soybean market. The rally lifted both soybean oil and palm oil futures to fresh life-of-contract highs, with the continuous most actively traded contracts rising to multi-year highs. Wednesday was the highest close for the benchmark soybean oil contract since 2014 and since 2012 for the benchmark palm oil contract.
Concerns about the availability of soybean oil in the export market due to Argentine port workers’ ongoing strike continues to support vegetable oil futures. The strike has driven soybean oil basis at the U.S. Gulf to 6 1/2 cents over, the highest level since at least 2013. However, interior basis levels remain well below multi-year highs. Central Illinois basis dropped 1/2 cent…
05.07.2024
Singapore Airlines Group orders SAF from Neste ahead of mandate
The Singapore Airlines Group (SIA) will be the first to receive sustainable aviation fuel (SAF) from Neste’s expanded Singapore refinery, the companies announced on Monday May 6.
SIA...
05.07.2024
Animal fats prices to US Gulf jump on growing demand
Choice white grease prices went up in FOB markets on Tuesday, with trading done in a range of 37.5-39.5 cents per lb FOB Missouri River. Prices were boosted by...
05.07.2024
Feathermeal, ruminant bloodmeal prices lower; March IE MM well above 3-year average
US domestic feathermeal prices were lower in all six regions on Tuesday May 7, with reports of buyer pushback due to excess inventory levels in the market.
Fastmarkets...