Soy Oil Prices Climb with WTI Rally; Palm Oil Sells-Off on Indonesian Tax Hike
Edible oil prices were mixed on Thursday, with profit-taking and selling weighing on palm oil markets in Malaysia. However, soybean oil futures climbed thanks to fresh buying sparked in part by worries that Argentina will increase export taxes on soyoil and meal shipments to help curb inflation. A renewed rally in energy markets also supported gains in soybean oil markets. In Chicago, benchmark soybean oil futures closed 1.5 percent higher (May contract +108 basis points per pound), while deferred contracts were up 1.7 percent to 1.9 percent (July contract +129 basis points per pound). Argentina halted soybean oil and meal exports over the weekend, a move that usually occurs before a tax levy is implemented. In addition, Brent and West Texas Intermediate (WTI) crude oil futures both surged back over $100 per barrel due to a weaker U.S. dollar, waning hopes for a…
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...