Refined, blended, and deodorized (RBD) Los Angles canola oil prices continued to decline but held above 60 cents per pound this week. Prices have been lingering near three-year lows amid a drop in the basis level and weakness in soybean oil futures in Chicago.
Amid increasing U.S. vegetable oil demand and delayed canola seed planting in Canada, LA canola oil basis climbed more than five cents by the end of June 2023 to 21 cents above SBO futures. In step with a rally in soybean oil futures, LA canola oil prices peaked in July 2023, topping 93 cents per pound that month.
In early 2023, consumption for canola oil advanced on the year after the U.S. EPA approved the edible oil as an eligible pathway to generate Renewable Identification Numbers (RINs) in the production of renewable diesel. However, the growth in consumption from the renewable diesel (RD) sector has been slightly slower than expected.
Data…
05.01.2024
Renewable diesel tops petroleum diesel as CA’s most blended diesel fuel in 2023
The consumption of renewable diesel (RD) in California reached a new milestone in 2023, with RD blending surpassing that of petroleum diesel for the first time. Data released on...
05.01.2024
Distillers’ corn oil production moves higher
Four cars of technical tallow traded lower on Wednesday May 1, down to 47 cents per lb Chicago basis.
Used cooking oil (UCO) and yellow grease traded...
05.01.2024
Animal protein prices steady amid avian flu outbreak
US animal protein prices were steady or up on Wednesday May 1 amid limited reported trade, with multiple market participants attending the Petfood Forum in Kansas City, Missouri, this...