05.02.2024
UCO, heating oil spread widens
Yellow grease traded as low as 34 cents per lb delivered Carolinas on Thursday May 2, with additional volume heard at 36 cents per lb. Despite the decrease, offers...
US soybean oil futures in Chicago ended lower again on Tuesday April 9 due to profit taking. May delivery soybean oil futures settled at $0.4752 per pound, down 38 basis points per lb, or 0.8%. The July soybean oil futures contract was down 41 basis points per lb, or 0.85%, to $0.4804 per lb at the closing bell.
Soybean oil share on the May futures contracts eased slightly on the day to 41.45%. Since February, soybean oil’s percent share has ranged between 40% and 42% but has failed to push through 43%. If oil share remains near 41%, soybean oil futures prices will likely decline toward $0.4300 per lb. However, if oil share climbs to 44% or higher, soybean oil prices could solidly move into a price range of $0.4700-$0.4900 per lb.
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