“I think the big drop in soybean oil had everyone take a pause,” one source said.
December soybean oil futures closed at 46.23 cents per lb on Tuesday, down by 1.91 cents, or nearly 4%, from a close of 48.14 cents per lb on Monday November 11.
The decrease on Tuesday tracked losses in palm oil futures, as well as the impact of President-elect Donald Trump’s nomination of Lee Zeldin as the new Environmental Protection Agency administrator, who voted against the Inflation Reduction Act, which contains several major measures and credits that support biofuels.
Overall, market sentiment remains cautious, with participants waiting for clearer direction and end users showing limited demand.
In…
12.02.2024
Biofuel capacity, feedstock demand continued to decline in September: EIA
US biomass-based diesel (BBD) capacity fell to a five-month low of 6.575 billion gallons during September, according to data released on Monday December 2, by the US Energy Information...
12.02.2024
Renderer BFT price falls on weak December demand
Renderer grade bleachable fancy tallow (BFT) traded down to 43 cents per lb in Chicago on Monday December 2, down 2 cents per lb from the last traded level.
12.02.2024
Animal protein prices steady on light trade following Thanksgiving holiday
US animal protein prices were steady on Monday December 2, with market sources reporting limited trade volumes.
Fastmarkets assessed ruminant, bloodmeal, Iowa/Missouri/Nebraska at $950-1,000 per short ton, steady...