It was an active day in the distiller’s corn oil (DCO) market on Tuesday with pressure from the cash soybean oil market weighing on FOB truck values. Trading was broadly done in a range of 40-42 cents/lb today on an FOB basis for May with some trading done as high as 43 cents lb.
Sources said they heard bids “in the 30’s” for material FOB ethanol plants on Tuesday morning, but no trades were confirmed below 40 cents lb. Trading into the Gulf was indicated in a range of 45-46 cents lb today with bids heard as low as 44.5 cents lb.
Crude degummed soybean oil has been reported as low as -300 under the nearby CME soybean oil contract for material delivered to the US Gulf.
This has weighed on the market as well as some demand weakness tied to seasonal downtime.
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07.26.2024
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