Cash trading was very quiet to start the week, with many sources travelling to Chicago for the Jacobsen Biofuels and Feedstock Conference. Vegetable oil futures markets were slightly mixed on Monday, with signs of increasing production in Malaysia, expectations for continued rapid planting progress in the Midwest and lower-than-expected monthly soybean crush levels offering pressure.
The National Oilseed Processors Association (NOPA) reported at midday the U.S. soybean crush was 173.2 million bushels in April. The figure was down 6.7 percent from March and came in below the average the market expectation of 174 million bushels. Still, the April crush figure was up two percent on the year and was a record high for the month. U.S. soybean oil stocks, meantime, totaled 1.957 billion pounds in April, up from 1.851 billion at the end of March and above market estimates for a total of 1.8 million pounds.
Figure 1
04.19.2024
Reduced March RIN production not leading to higher RIN Prices
Total March biofuel RIN production was 1.9 billion RINs, which was 6% below February and 15% below December’s RIN output of 2.25 billion. December had the largest monthly production...
04.19.2024
CWG, YG higher on week, UCO, DCO down again
The market was quiet heading into the weekend. Used cooking oil (UCO) traded in large volume into the Gulf at 40 cents per lb delivered in the truck market.
04.19.2024
Price pressure on ruminant and porcine items for the week
Sloppy markets were reported for porcine and ruminant items at the close of week ending Friday April 19.
Wide ranges were witnessed on porcine bloodmeal (BM), with a...