Trading was quiet today with indications sideways from yesterday’s trade. Nearby supply remains tight with meat packers struggling with limited livestock supply and margins that are tight to outright negative.
Prices moved higher this week across all products, although the trend in the nearby Gulf UCO market was lower as the week progressed. The distiller’s corn oil (DCO) market had the biggest jump at 6.8 percent week-on-week. Some sellers who may be short product in addition to the rally in the soybean oil market, excluding today and Wednesday, helped to boost prices to as high as 69 cts/lb FOB. Sources indicated that a 70-72 del Gulf value would likely put a lid on the nearby FOB market with values not working for the bids for material delivered in August.
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11.21.2024
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