Soybean Oil, Palm Oil Prices Rise alongside Crude Oil Rally
Edible oil prices were higher on Tuesday, with benchmark palm oil futures in Asia reversing early losses on short-covering, and soybean oil futures in the U.S. rising as funds shored up long positions. Crude oil markets advanced after Monday’s sell-off, with gains supported by heightened geopolitical tensions. This helped to boost soybeans and soybean oil futures prices.
The most heavily traded soybean futures contract ended almost 0.9 percent higher above the 62-cent level (March contract +54 basis points per pound). Contracts at the back end of the forward curve were up 0.95 percent to 1.3 percent (July contract +61 basis points per pound) due to the liquidation of bull spreads. The soybean market will continue to watch the weather in South America. Improved conditions, including rain for parts of Argentina and Brazil, are forecast for this week and could keep a lid on prices in the near…
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...