Mississippi Valley cottonseed oil (PBSY) cash prices moved higher, bumping up two cents per pound from last week to 72 cents per pound. Spot cottonseed oil values were up, in tandem with two days of gains in soybean oil futures. Futures advanced again on Tuesday amid U.S. Midwest crop weather concerns, expectations for stronger palm oil exports, and gains in rival vegetable oils.
Soybean oil prices were also supported after the U.S. National Oilseed Processors Association (NOPA), which represents about 95 percent of the country’s soybean processors, said soybean oil stocks came in below market expectations at a 10-month low of 1.52 billion pounds in July. NOPA also showed that soybean crush volumes came in above market expectations at 173.3 million bushels, which was also a record high for July.
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