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Soybean oil futures jumped over 3% on August 12, with the September contract up 94 basis points, following USDA balance sheet changes that added 200 million pounds to biodiesel use. Palm oil rallied about 1.75% after a report showed Indonesian output through June was below last year, and crude oil rose more than $1 per barrel on draws in US inventories.
Higher biodiesel use and a firm palm oil supply picture support vegetable oil prices, while the crude oil rally strengthens biofuel economics that underpin soyoil demand.
thejacobsen.comTore AldenAug 12, 2020Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
