Cottonseed oil price slips; canola oil basis indications rise

Cottonseed oil price slips; canola oil basis indications rise

Trading in the US cash vegetable oil market remained quiet on Tuesday August 20.

Fastmarkets assessed cottonseed oil, PBSY, fob Mississippi Valley for nearby delivery at $0.4800 per lb on Tuesday, down from $0.4950 per lb a week ago.

In the last week, cottonseed and corn oil prices have eased, in step with the recent plunge in the soybean oil market that sent futures prices below $0.40 per lb to 3½-year lows.

However, basis indications for canola oil have been on a slow grind higher after outright prices fell to three-year lows in the second quarter of this year. 

Fastmarkets assessed canola oil, refined, bleached and deodorized (RBD), fob Los Angeles at $0.5371 per lb on Tuesday, up from $0.5347 per lb on Monday August 19. The September soybean oil futures contract on the Chicago Mercantile Exchange moved up to a premium of 13 cents per lb from a premium of 12 cents per lb at the end of last week.

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