06.06.2023
Higher SBO Market Sparks Boost in Offer Prices
Distiller’s corn oil traded at 55 del Manly, IA for the nearby market and in a range for July and August today. There were offers to sell as high...
**Please note — No bulletin/price guide will be published on Monday, May 29 in observance of the Memorial Day holiday**
Benchmark palm oil and soybean oil futures extended higher on Thursday, with additional buying driven by a weaker ringgit versus the U.S. dollar, as well as early strength in the wider energy markets. Forecasts for warm and dry conditions in parts of the eastern Corn Belt into next week were also supportive for U.S. bean oil prices today. On the CME in Chicago, fund oil/meal spreading lifted the nearby and deferred soybean oil contracts by 1% or less on Thursday. The benchmark July soy oil futures contract closed at 48.52 cents per pound, up 52 basis points per pound, or just about 1%, on the session.
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