There were some big moves in the market today, mostly on used cooking oil and yellow grease, but also in the edible tallow and distiller’s corn oil markets. Buyers looking to get coverage are finding a tight spot market and with each day soybean oil futures prices increase, sellers are asking higher prices.
July soybean oil prices settled at 58.43 today, up 2.47 cents from yesterday’s close. Since May 31, prices for July soybean oil are up 26.5 percent. Basis levels are down by a ½ cent for CDG and up 1.5 cts for RBD SBO. During the soybean oil run up, most of the fat markets have been quiet in terms of market reports and trading, or higher but to much less of a degree. The whipsaw higher today is a result of some buyers coming in and covering positions after a period waiting out the RVO and potentially a levelling off in the soybean oil market.
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