The US cash vegetable oil market was dull again on Wednesday October 16, with many trade participants out of the office this week to attend the American Fats and Oils Association’s conference at Nashville, in the US state of Tennessee.
US soybean oil futures trading on the Chicago Mercantile Exchange moved lower midweek.
The most actively traded December soybean oil futures contract closed at $0.4168 per lb on Wednesday, down by $0.0077 per lb, 1.8%, from a settle of $0.4248 per lb the day before.
The market was under some selling pressure on Wednesday, in step with losses in West Texas Intermediate crude oil futures, and after the National Oilseed Processors Association (NOPA) released figures on October 15 that showed US soybean crush in September reaching a record high for the month at 170.32 million bushels.
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