Trading was very quiet this afternoon with few changes reported. The overall tone in the market was one of disinterest; buyers and sellers both seem well positioned and aren’t expressing a burning desire to buy or sell at the moment.
The external markets are suggestive of near-term support for most markets with the CBOT December soybean oil market up 1.21 cts/lb to 52.75 cts/lb today. The January and March contracts both closed slightly under 52 cts/lb. The December contract is up 3.26 cts/lb, or 6.6 percent, after hitting a low of 49.49 cts/lb last Tuesday.
December NYMEX heating oil was mostly flat today, settling at $2.8371/gal. Steady to higher prices for both market are giving sellers more optimism this week.
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