Bullish Data Drives Vegetable Oil Markets Higher
Vegetable oil futures jumped higher on Tuesday as continued strength in soybean futures and a sharp rally in crude oil prices triggered buying. Unlike Monday’s rally, soybean oil spreads also rallied, but profit-taking late in the session narrowed the gains. Palm oil spreads were mostly flat, but notable weakness in the November contract indicates some bull spreading by funds contributed to the rally in nearby contracts.
The spreads between soybean oil and palm oil were mixed, with the May and July spreads rising slightly, while the September spread declined modestly. The May spread increased to 9.58 cents but traded above 10 cents after testing the week’s low, around 8.5 cents, for the third time in the last four days. The July spread rose to 12.4 cents, while the September spread fell to 11.2 cents. The May spread may remain…
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...