The distiller’s corn oil (DCO) was very active today with buyers coming in for September coverage. Values were indicated around the 68 cts/lb FOB mark early in the day before trending up to 70 cts/lb FOB by market close. There was volume indicated throughout the range today on an FOB basis. Gulf interest was widely reported at 72 cts/lb delivered today, and there was a deal heard at 74 cts/lb, although volume could not be verified. The bulk of rail interest appears to be closer to 72 cts/lb delivered.
The soybean oil market rallied following the NOPA crush report today that had lower than expected stocks. The rally in the bean oil market may have been the catalyst to get buyers in at the higher prices today.
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09.18.2024
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