Soybean oil futures were trading 29.30 cents per pound (December future contract) late in the day, poised to close at its highest level in a week. Price resistance is seen at 29.35. NOPA released June crush data that showed soybean oil stocks at 1.778 billion pounds, down 5.4 percent from May but 16 percent higher than a year ago. Analysts were expecting stocks to come in at 1.813 billion. Stocks were slightly below expectations, helping to support prices.
Soybean oil used as feedstock in domestic biodiesel production has averaged 53.6 percent of all feedstock used since 2016. EIA feedstock use shows soybean oil has been running above the historical norm, averaging 57 percent of the feedstock consumed in 2020. In the latest month, April, soybean oil was 63 percent of domestic feedstock mix. Coincidently, domestic…
11.21.2024
Domestic US biodiesel blending helps lift October RFS RIN production
US domestic biodiesel blending of 147.5 million gallons in October produced a monthly high of 221.2 million renewable identification number (RIN) credits for January-October. This was 11.5% above September...
11.21.2024
CWG trades lower as broader animal fats markets hold steady
The US animal fats and oils markets held steady on Thursday November 21, with limited trading as attention shifted toward broader macroeconomic factors and...
11.21.2024
October commercial cattle, hog production above 2023
US animal protein prices were steady on Thursday November 21. Limited trade was reported from market sources due to the proximity of the extended Thanksgiving holiday weekend in the...