Sinking soybean oil, heating oil markets, limit trade amid loss of power in Houston

Sinking soybean oil, heating oil markets, limit trade amid loss of power in Houston

Distiller’s corn oil (DCO) FOB prices moved lower on Tuesday July 9 following the drop in soybean oil prices, despite some sellers continuing to offer nearby material as high as 50 cents per lb.

Trading was done out of the Missouri River market in a range of 47-48 cents per lb for July-September shipment, and trading was heard done into the Gulf market at 51-52 cents per lb on Tuesday morning.

The overall tone of the market was quiet on Tuesday, with many sources referring to the day’s activity as a “standoff.”

Soybean oil (BO) futures were sharply lower on Tuesday at the Chicago Board of Trade (CBOT) on favorable crop conditions and profit-taking following last week’s rally.

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