Vegetable Oil Markets Fall Ahead of Critical Reports
Vegetable oil prices were lower Wednesday, with expectations that the Malaysian Palm Oil Board (MPOB) will report an increase in monthly palm oil stocks on Thursday, continuing to weigh on palm oil prices. Soybean oil futures also declined, with weakness in soybean prices ahead of the Thursday release of key monthly supply and demand data from the United States Department of Agriculture helping drive losses.
Peaking shortly after the market open but failing to crack resistance at the 73-cent mark, benchmark soybean oil futures moved lower on selling, ending the session down 2/3 percent (July contract -49 basis points per pound). Liquidation of bull spreads drove sharper losses in deferred contracts (July 2022 contract -85 basis points).
Weather forecasts show…
05.07.2024
Singapore Airlines Group orders SAF from Neste ahead of mandate
The Singapore Airlines Group (SIA) will be the first to receive sustainable aviation fuel (SAF) from Neste’s expanded Singapore refinery, the companies announced on Monday May 6.
SIA...
05.07.2024
Animal fats prices to US Gulf jump on growing demand
Choice white grease prices went up in FOB markets on Tuesday, with trading done in a range of 37.5-39.5 cents per lb FOB Missouri River. Prices were boosted by...
05.07.2024
Feathermeal, ruminant bloodmeal prices lower; March IE MM well above 3-year average
US domestic feathermeal prices were lower in all six regions on Tuesday May 7, with reports of buyer pushback due to excess inventory levels in the market.
Fastmarkets...