Despite Decline, July Soy Oil Contract Sets Intraday Record
Soybean oil prices were mixed as concerns about early season growing conditions drove soybean complex prices sharply higher in the overnight session. However, prices peaked in the first hour of trading and moved steadily lower throughout the rest of the session, with selling accelerating during the U.S. opening. The weakness in soybean futures drove the benchmark contract lower, but expectations of rising domestic demand from the biofuel industry lifted the back end of the forward curve.
The palm oil market was closed in observance of a public holiday.
After the close, the United States Department of Agriculture (USDA) released its weekly Crop Progress report for the week ending June 6. The report contained the initial crop condition ratings for the U.S. soybean crop. USDA reported 67 percent of the crop was rated good or excellent, three percent below…
04.30.2024
Biofuel feedstock demand rises while capacity declines: EIA
EIA Biofuels Capacity and Feedstock Update
The Energy Information Administration’s (EIA) Monthly Biofuels Capacity and Feedstocks Update, released on Tuesday April 30, showed that operable US biofuel capacity declined...
04.30.2024
Chicago edible tallow trades lower
The edible tallow price fell to 52 cents per lb Chicago basis on the afternoon of Tuesday April 30. Tallow trading was quiet outside of the edible tallow market.
04.30.2024
April animal protein values mixed month on month
US animal proteins prices were mostly steady on Tuesday April 30. Limited trade was again reported, with multiple market participants attending the Petfood Forum in Kansas City, Missouri, held...