Soybean Rally Pushes Soybean Oil to New Highs
Vegetable oil prices were sharply higher on Tuesday as overnight gains in energy prices and bullish cargo surveyor data combined with the continued rally in soybean futures to lift the sector. The rally drove the benchmark soybean oil contract to a new life-of-contract high, while the benchmark palm oil contract settled above 3,800 ringgit for the first time since March 23.
Soybean oil prices continued to rally despite a sharp sell-off in energy prices during U.S. trading hours, as concerns about cold weather in the Corn Belt causing planting delays drove soybean prices higher. The benchmark soybean oil contract gained about 2 1/2 percent (July contract +127 basis points per pound). However, gains in deferred contracts were smaller as bull spreading by funds again pressured the back end of the soybean oil curve (December contract…
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...