The US soybean oil market remained under pressure on Wednesday November 13 amid a host of bearish macro and fundamental factors.
Sources continued to report hearing no bids for soybean oil from the fuel side in the spot market beyond December. Buyers and sellers are all waiting on tax credit guidance for next year.
On the Chicago Mercantile Exchange, nearby-delivery soybean oil futures settled at $0.4518 per lb on Wednesday, down by $0.0105 per lb, or 2.3%, from a close of $0.4623 per lb a day earlier.
The soyoil futures market was sharply lower again due technical selling triggered by ongoing strength in the US dollar and President-elect Donald Trump’s decision to nominate former New York Representative Lee Zeldin as the incoming administrator of the US Environmental Protection Agency.
In the past, Zeldin has not expressed support for biofuels, and soybean oil is one of the main feedstocks used in their production.
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