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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