Soybean Oil Sets Life-of-Contract Highs Ahead of USDA Report
Vegetable oil futures rallied on Monday as prices in the oilseeds complex moved higher. Overnight, concerns about a decline in palm oil supplies in January due to disruptions in harvesting due to excessive rainfall and rising optimism about exports in February drove buying in the palm oil market. The strength in palm oil combined with a sharp rally in soybean futures to lift soybean oil futures to life-of-contract highs and pushed the benchmark contract above the psychologically important 45-cent level.
Nearby soybean oil contracts rose about two percent (March contract +97 basis points per pound), but bull spreading by funds limited gains in the back end of the curve (December contract +54 basis points). The move higher triggered a buy signal from the MACD indicator, potentially indicating a new leg in the bullish…
05.03.2024
Biodiesel imports fall to 8-month low in March; exports rise to 3-month high
Biodiesel imported into the US fell in March for the first time in four months while biodiesel exported from the US reached a three-month high.
Import demand from...
05.03.2024
BFT, soybean oil weekly average prices tumble
For the week to Friday, prices were broadly lower compared with the prior week’s average. Packer bleachable fancy tallow was down by 2.2% from the prior week’s average on...
05.03.2024
US animal protein prices remain under pressure; soymeal rises
US animal protein prices were mixed in the week to Friday May 3 but showed no large movements, with multiple market participants traveling for the Petfood Forum in Kansas...