Fund Profit-Taking in Oil Share Weighs on Soybean Oil
Vegetable oil futures were mixed on Monday as profit-taking in long oil share positions weighed on soybean oil futures despite a rally in nearby soybean contracts. Weakness in energy prices during the U.S. session also contributed to the bearish tone. However, overnight strength in energy prices and continued concerns about tight inventories ahead of a rebound in export demand drove palm oil prices higher. The ninth consecutive day for the palm oil rally extended the longest streak of gains in almost two decades.
The rally in palm oil and decline in soybean oil prices narrowed the spread between the May soybean oil and palm oil contracts to 9.48 cents per pound. The lowest level since March 4, when the spread tested 10 cents for the first time but settled just above nine cents. The spread between July contracts dropped…
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...