US spot vegetable oil markets were firm to lower on Friday May 3. Nearby trading activity remained limited due to diminished demand from the renewable diesel sector.
Cash prices trickled lower on Friday as soybean oil futures on the Chicago Mercantile Exchange (CME) declined at the close after fluctuating throughout the day. Traders squared positions and booked profits ahead of the weekend.
The July soybean oil futures contract settled at $0.4308 per lb, down by 16 basis points per lb, or 0.37%. The contract lost 5.4% in value week on week. The soybean futures complex was higher on Friday amid a weaker US dollar and higher energy market prices.
Soybean oil share on the July soyoil futures contract fell to a near two-year low at 36.667% on Friday. Oil share will need to rise for soybean crush margins to improve, market sources said, adding that an increase in margins will be driven by an uptick in demand from the renewable diesel industry.
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