Concerns About Falling Production Lift Palm Oil Futures
Vegetable oil markets rebounded on Thursday as the selling had become overdone, and rising concerns about flooding and its impact on palm oil production in Indonesia and Malaysia triggered buying. Nearby palm oil futures jumped about two percent (April contract +63 ringgit per tonne), but gains in deferred contracts were smaller. Stabilization in soybean futures also buoyed soybean oil prices, which rose about two percent (March contract +88 basis points).
The second day of substantial gains in soybean oil futures drove the spread between the March soybean oil and palm oil contracts above five cents per pound on Wednesday. However, the Malaysian ringgit’s strength narrowed the spread slightly on Thursday despite similar percentage gains in both markets. On Wednesday, the move drove the spread to its widest in a…
11.21.2024
Domestic US biodiesel blending helps lift October RFS RIN production
US domestic biodiesel blending of 147.5 million gallons in October produced a monthly high of 221.2 million renewable identification number (RIN) credits for January-October. This was 11.5% above September...
11.21.2024
CWG trades lower as broader animal fats markets hold steady
The US animal fats and oils markets held steady on Thursday November 21, with limited trading as attention shifted toward broader macroeconomic factors and...
11.21.2024
October commercial cattle, hog production above 2023
US animal protein prices were steady on Thursday November 21. Limited trade was reported from market sources due to the proximity of the extended Thanksgiving holiday weekend in the...