Crude Corn Oil Prices Climb on Active Buying

Crude Corn Oil Prices Climb on Active Buying

During the last full week of October, indications for spot crude corn oil in the Midwest shot higher on increased buying, settling into a range of about 68-69 cts/lb FOB as of October 31. This was up more than 11 cts/lb from market assessments early last week. Crude corn oil at the spot market was said to have traded as high as 70 cts/lb at the end of last week but in limited volume. 

Over the last few weeks, corn oil and other feedstock prices had been declining sharply. Demand in the U.S. interior from the biodiesel and renewable diesel sector dropped off due to a combination of plant downtimes and previously extended coverage. Also, prices for renewable Identification numbers (RINs) crumbled below $1.00/ per gallon, and this continues to dent margins.

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