Crude corn oil price indications in the Midwest cash market dropped this week. Assessments rolled back to the upper 50s cts/lb FOB, with a deal reported as high as 60 cts/lb FOB. This was down from a bid/ask range of 62-64 cts/lb FOB previously. In the last month, values for Midwest crude corn oil are down 8 cts/lb, or about 12 percent.
Over the last few weeks, soybean oil and other vegetable oil markets have been crumbling, with demand in the U.S. interior from the biodiesel and renewable diesel sector easing. Apart from many producers being well covered through year’s end and perhaps into first quarter of 2024, biofuels margins remain poor. Prices for Renewable Identification Numbers (RINs) traded below 80 cents per gallon on Tuesday.
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