Prompt soybean oil basis levels and prices continued to drop this week against a background of very light trading. In central Illinois, crude-degummed soybean oil indications eased to a range of 2.5 cents to three cents FOB below the May CME soybean oil futures contract. Bids were reported as low as four cents FOB below the benchmark futures contract by midday. Basis on crude-degummed soybean oil at the Gulf also stumbled, with the latest assessments at parity to 50 points above futures.
Reports that Chevron Renewable Energy Group will shut two biodiesel production plants in the Midwest indefinitely (with a combined capacity of 50-million-gallons-per-year) due to poor margins continued to weigh on the market. Over the last year, vegetable oil prices have plunged with rising supply and diminished demand from the biofuels industry major contributing factors.
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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...