Energy Rally Pushes Palm and Soy Oil to Multi-Year Highs
Vegetable oil prices rallied on Thursday on sharp gains in the energy complex and a rebound in oilseed prices. Oil/meal spreading by the funds also supported soybean oil. Thursday was the seventh consecutive day of gains in palm oil and the 15th day in the last 19 that soybean oil prices rose. Once again, the gains lifted benchmark contracts in both markets to life-of-contract highs. The rally left the continuous most actively traded contract in palm oil to its highest level since it reached an all-time high in March 2008 of nearly 4,500 ringgit. The continuous most actively traded soybean oil contract reached its highest level since September 2012.
The moves pushed the spread between the May soybean oil and palm oil contracts back above 10 cents, but the July spread remained just below 11.5 cents. The…
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...