Weather Concerns Drive Soybean Oil to Record Close
Vegetable oil prices were mixed on Friday as weather concerns returned to propel the benchmark contract to a record close. However, palm oil futures moved lower in response to the release of the pre-Malaysian Palm Oil Board (MPOB) report estimates, suggesting palm oil stocks ended April a little more than three percent higher than March. The divergence drove the spread between soybean oil and palm oil to fresh highs, with the August spread ending the week just below 22 3/4 cents per pound. The continuing widening of the spread continues to weigh on U.S. soybean export sales.
On Friday, the United States Department of Agriculture (USDA) reported sales of 1,000 tonnes of U.S. soybean oil sales during the week ended May 27, down 41 percent from the previous week but unchanged from the…
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...