Prices in the US animal fats and oils markets ended Tuesday July 30 stable to lower, reflecting ongoing hesitancy to trade, especially outside the Gulf market, as well as lower soybean oil prices.
Gulf prices were broadly lower on the day, driven by the downturn in the heating oil and soybean oil markets, well-covered August positions and firm bids at lower prices.
The soybean oil futures market fell for the third consecutive day on Tuesday following the US Court of Appeals’ ruling on Friday July 26 that overturned at least some of the Environmental Protection Agency’s (EPA) 2022 denials of Small Refinery Exemptions (SREs) under the Renewable Fuel Standard (RFS).
The court decision has the potential to decrease overall demand for US biodiesel, according to market participants, and, along with favorable growing conditions, it is pulling down soybean oil prices, which is now being reflected in some animal fats and oils markets.
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