Vegetable Oil Prices Sink on Bearish Supply, Demand Data
Vegetable oil prices were mixed on Thursday, with palm oil prices under additional selling pressure as worries over slowing demand offset a smaller-than-expected increase in Malaysian palm oil stocks for May. Nearby soybean oil futures also ended lower, shrugging off overnight and early gains inspired by hot weather concerns and initial strength in soybean prices. Soybean oil futures sold off after the midday release of monthly supply and demand data from the United States Department of Agriculture (USDA) triggered selling in old-crop soybean futures.
In its World Agricultural Supply and Demand Estimates (WASDE) report for June, USDA kept its predictions of soybean oil used in biofuel production in 2020/21 and 2021/22 unchanged at 9.5 billion pounds and 12 billion pounds, respectively. The USDA’s 2020/21 figure is 970 million pounds below The Jacobsen’s estimate, while its…
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...