Soy Oil Futures Climb on Hot Weather Outlooks, Bullish NOPA Data
Vegetable oil prices pushed higher again on Thursday, with hot weather outlooks and bullish supply data boosting U.S. soybean oil futures to their highest close in five weeks. Continued forecasts for dry and hot weather in the Corn Belt through the end of July sent soy oil prices higher in early trading. Fund oil/meal spreading and bullish data released by the National Oilseed Processors Association (NOPA) that showed soy oil stocks fell to their lowest level in eight months in June also pushed benchmark soy oil futures about 1 2/3 percent higher at the close (August contract +109 basis points per pound). Most deferred contracts saw smaller gains in percentage terms due to bull spreading (January 2022 contract +64 basis points per pound).
NOPA said soybean oil stocks among NOPA members dropped to 1.537 billion pounds, down eight percent from May. U.S. soybean crushing volumes among…
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...