Edible oil futures prices were lower on Tuesday. Palm oil markets fell overnight alongside weakness in rival vegetable oils as well as expectations for higher production. Leaking lower on bearish fundamental and technical factors, soybean oil futures crumbled below 48 cents per pound on Tuesday. On the CME, the most widely traded soybean oil futures contract (July) ended at 47.45 cents per pound, down a whopping 224 basis points per pound, or 4.5 percent.
Rapid planting progress in the U.S. corn belt helped to weigh on soybean oil prices. The USDA’s Crop Progress Report released after the market close on Monday showed 49 percent of the U.S. soybean crop had been planted as of the week ending May 14, up from 35 percent the week before and 27 percent during the same week in 2022. The figure was up from the five-year average of 36…
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...