Vegetable Oil Prices Slump on Profit-Taking, Long Liquidation
Vegetable oil prices moved lower on Monday, as funds took profits and liquidated long positions. Palm oil and soybean oil futures markets declined on expectations for weaker Malaysian exports, and forecasts for addititonal rain in parts of South America this week. The harvest in Brazil and Argentina is underway, with the most precipitation projected for central regions of Argentina, which should help alleviate some dryness in key drought-impacted crop-growing areas.
The liquidation of long oil share positions pressured soybean oil prices to kick off the new week. Benchmark soy oil futures closed 1.6 percent down (March contract -103 basis points per pound). Contracts for delivery in May through September were down a similar amount in percentage terms (July contract -104 basis points per pound). In energy markets, West Texas Intermediate crude oil futures (WTI) finished more than two percent…
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...