Technical Buying and Fund Spreading Lift Vegetable Oil Prices
On Wednesday, vegetable oil prices rose as concerns about South American weather conditions and strong domestic demand in the U.S. continued to support soybean oil prices despite selling in the other soybean complex markets. The gains on Tuesday in soybean oil and bargain hunting at the 3,600-ringgit level drove buying in palm oil, which broke a streak of three days of declining prices. However, bearish cargo surveyor data and expectations that the Malaysian Palm Oil Board (MPOB) will report a substantial increase in stocks at the end of February combined with technical selling at the five-day exponential moving average to limit the gains.
The spread between May soybean oil and palm oil contracts dropped slightly to just above 8 3/4 cents per pound as resistance at the nine-cent level continues to limit further…
11.25.2024
Glycerin prices mostly stable even amid tightening kosher supplies
Glycerin prices were mostly stable on Monday November 25, with one source saying “market prices seem to be holding for now.”
Kosher glycerin supplies are “getting tighter,” according...
11.25.2024
Packer BFT, CWG trade higher; hog slaughter down week on week
Prices for packer-grade bleachable fancy tallow (BFT) moved higher on Monday November 25, in an otherwise quiet trade day ahead of the Thanksgiving holiday.
Five cars of packer BFT traded...
11.25.2024
Cattle slaughter six-week average projection down for holiday season
Trading was generally quiet in the US animal protein market on Monday November 25, though price ranges adjusted slightly in typical pre-holiday fashion.
Price pressure on ruminant meat...