Refined, blended, and deodorized (RBD) Los Angles canola oil prices have slumped to a near three-year low. Basis on canola oil stepped lower during the first week of January after a very quiet fourth quarter of 2023. Basis fell from 15 cents above CME January soybean oil futures to 13 cents above the March futures contract.
Just before the Christmas holiday, nearby soybean oil futures on the CME breached 50 cents per pound and have not been able to close back above that threshold since. Falling on January 8 to the lowest level since June, the March soybean oil contract settled above 48 cents per pound today at 48.45 cents per pound, rising 64 basis points per pound, or 1.3 percent. Canola oil cash prices ended the Tuesday session at 61.45 cents per pound and are down just about 24 percent in value on the year.
…
12.24.2024
Animal fats, oils markets quiet amid Christmas holiday
The US animal fats and oils markets remained steady on Tuesday December 24, amid limited trading due to the Christmas holidays.
Market sources expected activity to remain subdued...
12.24.2024
US November broiler, turkey slaughter down year on year
US animal protein prices were steady on Tuesday December 24, with limited volumes reported to have been traded. With the proximity of the end-of-year holidays, most market participants are...
12.24.2024
US weekly soybean, wheat export inspections rise, corn falls
Weekly export inspections
Export inspections of US grains showed a decline for corn but an increase for soybean and wheat in the week to December 19, according to data...