Soy Oil Sets New High After Drop in USDA’s Ending Stocks
Vegetable oil futures continued to move higher on Tuesday. While the United States Department of Agriculture’s (USDA’s) World Agricultural Supply and Demand Estimates (WASDE) provided few changes, reductions in its predictions of 2020/21 U.S. soybean and soybean oil ending stocks continued the bullish fundamental backdrop. A 100-million-gallon addition to USDA’s forecast of 2020/21 U.S. biodiesel use raised its forecast from 8.1 billion to 8.2 billion pounds, almost 500 million below The Jacobsen’s expectation of 8.69 billion. The increase reduced USDA’s ending stocks prediction to 1.71 billion pounds, nearly 200 million pounds above The Jacobsen’s 1.52-billion-pound projection.
Soybean futures ended the day slightly below where they were trading just ahead of the WASDE report. However,…
11.22.2024
Biodiesel margins rise, but window of opportunity limited
Biodiesel margins continued to rise during the week to Friday November 22. The bean oil/heating oil (BOHO) spread boosted margins by falling to its lowest level since August 27.
11.22.2024
Gulf prices average higher despite weeklong declines in SBO
For the week ended Friday November 22, packer bleachable fancy tallow (BFT) remained unchanged from the previous week’s average, while Gulf Coast-delivered tallow rose 2.7%, primarily...
11.22.2024
Bloodmeal largest price mover week on week; November cattle on feed higher
US animal protein prices were mixed to mostly higher for the week to Friday November 22, with only meat and bonemeal showing a slight price reduction due to tighter...