Veg Oil Prices Extend Lower on Profit-Taking, Crude Oil Collapse
Edible oil prices continued to sell-off on Tuesday, tracking weaker markets on the Dalian Exchange as fresh Covid-19-related lockdowns in China sparked worries of demand destruction for edible oils as well as energy. Extended losses for crude oil futures ahead of an expected rate hike by the U.S. Federal Reserve on Wednesday also pressed on global vegetable oil prices. West Texas Intermediate (WTI) crude oil prices breached the psychologically important $100 per barrel level to close 6.4 percent lower (April contract -$6.57 per barrel) at $96.44 per barrel amid progress in ongoing peace talks between Russia and Ukraine.
Soybean oil futures prices moved off lows after the National Oilseed Processors’ Association reported U.S. soybean crush in February slumped to its lowest level in five months at 165.024 million bushels. This was down more than nine percent on the month but was within…
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...