At the cash market, soybean oil indications stepped lower this week in very dull activity. U.S. Gulf Coast crude-degummed soybean oil was assessed at 5-5.25 cents, down from 5.75-6.75 cents previously. Prompt crude-degummed soybean oil in central Illinois was indicated at 3.5-4 cents, compared to 4-5 cents a week earlier.
The tone of the spot market remains quiet, with few actual deals transacted. Demand from the food and renewable diesel (RD) sectors for soybean oil and other feedstocks has been lackluster overall. In addition, prices for Renewable Identification Numbers (RINs) remain weighed down, leaving RD margins in the negative. Many of the largest soybean oil buyers are also reportedly covered through some, if not all, of the first quarter of 2024.
At the futures market, soybean oil briefly tested support by crossing below 49 cents per pound early today. However, December soybean oil futures…
12.20.2024
45z guidance fails to appear; government scrambles to pass spending bill
The US government spending bill failed twice in as many days. If a deal is not reached by midnight on Friday December 20, some federal services will...
12.20.2024
US animal fats and oils end week softer across the board ahead of holiday slowdown
Prices for US animal fats and oils ended the week on a lower note on Friday December 20, with most markets trending downward ahead of the upcoming holiday week,...
12.20.2024
December cattle on feed down on month, year
Most US animal protein prices were rangebound for the week, though in wider ranges due to the impending Christmas and New Year's holiday closures.
The only significant price...