Vegetable oil prices were lower on Friday, as funds booked profits and sold long oil share positions ahead of the weekend. Energy and agricultural markets were under pressure early in the day on news that Austria will reimpose a nationwide lockdown on November 22 due to rising Covid-19 cases. This stoked fears that other countries like Germany could follow suit as new infections increase across Europe, impacting the global economy as well as demand.
Soybean oil futures also retreated as the U.S. dollar strengthened and energy prices collapsed. West Texas Intermediate (WTI) December futures crumbled 3.7 percent at the close ($2.91 per barrel) to $76.10 per barrel. Apart from the Covid-19 resurgence in Europe, speculation that both the U.S. and China could release crude oil reserves to help ease prices continued to weigh on prices.
As WTI prices tumbled and bean meal futures advanced, funds started to liquidate long oil share positions. The meal/oil share spreading left…
05.06.2024
Strong biodiesel production seen weighing on crude glycerin prices
The whispers of declining biodiesel production are meeting with resistance. Some observers have been sounding the alarm regarding declining production for over a year now, but if true, biodiesel...
05.06.2024
Average weekly hog slaughter to decrease into mid-June: Fastmarkets’ research team
Distillers’ corn oil (DCO) prices fell to 42-43.5 cents per lb delivered US Gulf on Monday May 6 for May-June shipments. There was additional trading reported on the same...
05.06.2024
Year-to-date commercial cattle production falls 2.30% y-o-y
US animal proteins prices were steady on Monday May 6. Limited trade was reported, with several market participants only testing prices, Fastmarkets heard.
US hog slaughter
Fastmarkets research...