Palm Oil Prices Plummet on Falling Exports, Soy Oil Rebounds
Edible oil prices ended mixed on Wednesday, as benchmark palm oil futures plunged more than four percent while soybean oil futures recovered some ground after their recent sell-down. Soybean oil prices reversed early follow-through losses and turned higher after data from the National Oilseed Processors Association (NOPA) showed processors crushed a smaller-than-expected volume of soybeans in November. NOPA’s members, which represents about 95 percent of U.S. soybean crushers, processed 179.462 million bushels last month, down 2 1/2 percent from October and one percent on the year. This was the first time since June that NOPA reported a monthly decline in crush, and the figure was below the average 181.5 million bushels expected by the market. NOPA also reported U.S. soybean oil stocks were down slightly in November to 1.832 billion pounds, from 1.835 billion pounds in October.
Falling…
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...