Soybean Oil Futures Rise on Fund Spreading
Soybean oil futures rose on Friday as bull spreading in the soybean market and oil/meal spreading by funds supported prices. The palm oil market was closed in observance of the Lunar New Year. Trading in palm oil will resume on Monday, but U.S. markets will be closed in observance of the President’s Day holiday. The Jacobsen’s Vegetable Oils Bulletin will not be published on Monday but will resume on Tuesday.
Nearby soybean oil futures gained nearly one percent (March contract +41 basis points per pound) to lift the benchmark contract back above the 46-cent level. Buying at the five-day exponential moving average helped limit the downside as prices sold-off following an initial test…
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...