Soybean Oil Futures Rally on Fund Oil/Meal Spreading
Vegetable oil prices were mixed on Monday, with palm oil futures lower on profit-taking and soybean oil sharply higher on fund oil/meal spreading. Amid thin trading volumes, July soybean oil futures, which expire on July 14, ended more than four percent higher (+258 basis points per pound). Benchmark soybean oil futures prices settled almost 2 3/4 higher (August contract +170 basis points per pound). Gains were smaller for deferred soybean oil contracts in percentage terms (July 2022 contract +98 basis points per pound) thanks to bull spreading.
At noon (EST), the United States Department of Agriculture (USDA) released its latest monthly World Agricultural Supply and Demand Estimates (WASDE), but the data left the market non-plussed. USDA slightly lowered its prediction of soybean oil used in biofuel production in 2020/21 to 9.3 billion pounds but left its 2021/22 projection at 12 billion pounds. USDA…
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...