US soybean oil futures prices pressed higher on Monday January 13, topping $0.46 per lb at one point as the market continued to digest the draft guidance on the Clean Fuel Production Credit (CFPC), or 45Z, released by US Treasury Department on Friday January 10.
Benchmark March soybean oil futures — which surged by 6.6% on January 10 — extended higher on Monday, tracking more strength in heating oil prices. But gains were pared by the closing bell on profit taking, with the March soyoil futures contract ending at a fresh two-month high settlement on Monday at $45.99 per lb, increasing by $0.0041 per lb or about 1%, from the previous close of $0.4558 per lb.
The nearby delivery futures contract for soyoil has risen by about 14% since January 1.
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