The US animal fats and oils markets were stable to higher on Thursday November 7, with market participants expressing mixed sentiments and uncertainty about the market outlook for the end of the year.
Many in the market are confused about the direction, with vegetable oil futures trading higher globally, yet animal fat trading remains sluggish.
The most actively traded December soybean oil futures contract closed at 48.32 cents per lb on Thursday, up by 1.98 cents per lb, or 4.14%, from a settle of 46.34 cents per lb the day before.
The soybean oil complex continued its upward trend amid expectations of potential trade barriers with China, including restrictions on biofuel feedstock imports, following President-elect Donald Trump’s victory, which has bolstered support for soybean oil prices.
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