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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05.03.2024
Biodiesel imports fall to 8-month low in March; exports rise to 3-month high
Biodiesel imported into the US fell in March for the first time in four months while biodiesel exported from the US reached a three-month high.
Import demand from...
05.03.2024
BFT, soybean oil weekly average prices tumble
For the week to Friday, prices were broadly lower compared with the prior week’s average. Packer bleachable fancy tallow was down by 2.2% from the prior week’s average on...
05.03.2024
US animal protein prices remain under pressure; soymeal rises
US animal protein prices were mixed in the week to Friday May 3 but showed no large movements, with multiple market participants traveling for the Petfood Forum in Kansas...