Potential Strike in Argentina Roils Soybean Oil Market
World vegetable oil prices were mixed on Tuesday, with nearby soybean oil contracts continuing to rally on concerns about Argentina’s short-term supply disruptions. Palm oil rose on overnight strength in soybean oil futures. However, late-session selling left deferred soybean oil contracts narrowly mixed after trading sharply higher for most of the day. The selling drove the spread between the May soybean oil and palm oil contracts lower, but only marginally, as it still settled above 12 cents, after trading above 13 cents in the overnight session. The July spread also fell to just above 12 cents.
Contributing to the weakness in soybean oil was a collapse in crude oil prices, which left nearby West Texas Intermediate (WTI) contracts down more than five percent. Concerns about a resurgence in coronavirus infections in 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...