Cash trading in the US vegetable oil market was quiet on Tuesday January 7, with activity largely stalled.

Fastmarkets assessed cottonseed oil, PBSY, fob Mississippi Valley at $0.50 per lb on Tuesday, unchanged week on week but down from $0.52 per lb a month earlier.

Midwest refined corn oil prices were still “stuck” in the mid-$0.50s per lb, where they have remained for much of the fourth quarter of 2024, according to trading sources.

“Most buyers have their immediate and January, February and March needs met,” a trading source told Fastmarkets.

“The markets have certainly been rather flat over the last few weeks with the holiday pauses,” a market source said.

The market source added that refined, bleached and deodorized (RBD) soybean oil basis values are still under pressure through the remainder of the first quarter and into the second quarter “due to the lack of forward guidance on US biofuels policy.”

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