Refined, blended, and deodorized (RBD) Los Angles canola oil prices have slumped to a near three-year low. Basis on canola oil stepped lower during the first week of January after a very quiet fourth quarter of 2023. Basis fell from 15 cents above CME January soybean oil futures to 13 cents above the March futures contract.
Just before the Christmas holiday, nearby soybean oil futures on the CME breached 50 cents per pound and have not been able to close back above that threshold since. Falling on January 8 to the lowest level since June, the March soybean oil contract settled above 48 cents per pound today at 48.45 cents per pound, rising 64 basis points per pound, or 1.3 percent. Canola oil cash prices ended the Tuesday session at 61.45 cents per pound and are down just about 24 percent in value on the year.
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