Most US cash vegetable oil basis levels were little changed, while prices were firm to higher in quiet trading to start the holiday-truncated week on Tuesday January 21.

“We are still waiting on more guidance from the federal government on 45Z and tariffs when that comes into play,” a trading source said.

On Monday, US President Donald Trump indicated the implementation of new tariffs on goods from China, Canada and Mexico are on hold while current trade policies are reviewed.

Midwest crude corn oil prices were firmer, trading sources said, due to the recent rally in benchmark soybean oil futures since the start of the year.

On Tuesday, Fastmarkets assessed crude corn oil, fob Midwest at $0.45-0.47 per lb, up from $0.42-0.46 per lb a week earlier.

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