Soybean Oil Rallies Sharply Despite Plunge in Energy Markets
Vegetable oil prices were mixed following the long holiday weekend, with soybean oil futures rising sharply while palm oil prices were mixed. Fund oil/meal spreading and gains in soybean futures drove the strength in soybean oil, while expectations the Malaysian Palm Oil Board (MPOB) will report palm oil inventories rose in March weighed on palm oil prices. Weakness in crude oil during the overnight session also contributed to the decline in palm oil futures, but as the drop in energy prices accelerated during U.S. trading hours, it had no impact on the rally in the soybean oil market.
The moves drove the spread between the May soybean oil and palm oil contracts back above nine cents, while the July spread rose back above 12 cents. Despite the increases, lower highs than Thursday suggest the spreads may continue to…
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...