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…
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...