Vegetable Oil Futures Set New Life-of-Contract Highs
Vegetable oil prices rallied sharply on Monday as an overnight rally in crude oil prices and continued concerns about South American production continued to drive prices higher. However, selling in the energy complex during the European and U.S. sessions left futures well below the highs of the day. Anecdotal reports suggesting Chinese traders had canceled Australian rapeseed cargos contributed to a sharp rally in Chinese vegetable oil prices, which provided a bullish backdrop throughout trading on Monday.
The spread between soybean oil and palm oil contracts retreated from the highs set on Friday as the decline in crude oil weighed on soybean oil prices during the U.S. session. Still, the May contract remained above 9.5 cents per pound, and the July contract settled above 11.5 cents per pound. The weakness in crude oil…
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...