With cash trading for vegetable oils still incredibly quiet, basis indications on soybean oil in central Illinois and in the Gulf continue to wallow near, or at, yearly lows. Renewable diesel and biodiesel demand remains sharply reduced. In addition, food buyers have not been engaged in the spot soybean oil market, many sources have said.
Participants have been trying to gauge soybean oil use as a feedstock for the first half of 2024, especially from the biofuels side. However, the outlook remains murky, at best. On the one hand, U.S. biodiesel production could fall sharply in the first quarter of 2024, should the poor margins spill into the new year. This remains a real possibility amid weak heating oil futures and stagnating renewable identification number (RIN) prices.
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12.27.2024
US RD, SAF supplies remain strong despite declining import volumes
US supplies of sustainable aviation fuel (SAF) fell sharply in November but reached the highest November volume on record, according to data released on Thursday December 26 by the...
12.27.2024
Animal fats and oils end week steady amid holiday-limited trades
The US animal fats and oils markets held steady on Friday December 27, with limited trades persisting due to the holiday season.
Weekly averages were unchanged from the prior week...
12.27.2024
Relative prices of US meat and bonemeal rise amid depressed soybean meal market: 2024 recap
US animal protein prices were steady to lower on Friday December 27. Some participants reported distressed loads in the market late in the afternoon of Thursday December 26 and...