In the last week, spot sunflower prices in Minnesota/North Dakota surged, reaching a level not seen in almost two years.
Fastmarkets assessed sunflower oil, refined, bleached and deodorized (RBD), Minnesota/North Dakota at $0.90 per lb FOB on Tuesday January 14, up from a level of $0.82 per lb the week before.
Traders attributed the sunflower price surge to the recent rally in soybean oil futures in Chicago. The benchmark March soyoil contract settled at $0.4622 per lb on Tuesday, increasing by $0.0023 per lb, or 0.5%, from a close of $0.4599 per lb the session prior.
The soybean oil market continued to shake out after the US Treasury Department released draft guidance on the Clean Fuel Production Credit (CFPC), or 45Z, on January 10.
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