Soybean oil futures spiral lower with no Chinese UCO tariff hike

Soybean oil futures spiral lower with no Chinese UCO tariff hike

In Chicago, soybean oil futures spiraled lower on Tuesday May 14 amid reports the US will not impose higher tariffs on Chinese used cooking oil (UCO) imports. On Tuesday, the US White House announced increased tariffs on several Chinese goods, but this did not include UCO.

On the Chicago Mercantile Exchange (CME), the most widely traded July soybean oil futures ended at $0.4340 per lb on Tuesday, down 175 basis points per lb, or 3.88%, from $0.4515 per lb on Monday May 13.

On Wednesday May 15, the National Oilseed Processors Association (NOPA) will report April US soybean crush figures. In March, domestic soybean crush reached a fresh record high of 196.41 million bushels, up more than 10 million bu, or 5.48%, on the month, and up 5.7% on the year, well above the previous record of 195.33 bu set in December 2023.

Membership is required to view the rest of this post.
Click here to learn more and sign up for a free 7-day trial!

Blog

06.24.2024

Stable biodiesel production leaves supply, prices unchanged in crude glycerin market

Stable biodiesel production leaves supply, prices unchanged in crude glycerin market

Glycerin prices held steady on Monday June 24, with producers and traders reporting little change to begin the week.

Crude glycerin traders were quoting the market in the...

06.24.2024

Cattle slaughter continues to lag 2022, 2023 levels

Cattle slaughter continues to lag 2022, 2023 levels

Six cars of technical tallow traded at 54 cents per lb Chicago on Monday June 24, and separately two cars of edible tallow traded up to 56 cents per...

06.24.2024

Hog slaughter slightly higher into July; May cattle placed on feed higher

Hog slaughter slightly higher into July; May cattle placed on feed higher

The US domestic protein market was quiet on Monday June 24, with no price changes reported.

US hog slaughter
Fastmarkets’ research team forecasts hog slaughter at 2.38 million...

Latest Tweets