Animal fats and oils prices were mostly stable on Wednesday July 31, with market participants waiting out the price volatility in the soybean oil (SBO) and heating oil futures markets, sources told Fastmarkets.
The August soybean oil futures contract on the Chicago Board of Trade (CBOT) settled at 43.3 cents per lb on Wednesday, up by 55 basis points from a close of 42.75 cents per lb on Tuesday July 30.
Meanwhile, used cooking oil (UCO) prices were stable on the day in all regional markets. UCO delivered into the Gulf Coast was assessed at 46.75-47.5 cents per lb, while FOB Illinois prices were unchanged at 40-41 cents per lb.
Bids were heard lower into the US Gulf market, as well as delivered to Midwestern buyers, but sellers were unwilling to move material at lower prices on Wednesday.
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