Spot trading for vegetable oils remained dull on Tuesday, with the bias still lower pretty much across the board. In step with a recent decline in basis for crude-degummed and refined, bleached, and deodorized (RBD) soybean oil in central Illinois and the Gulf, basis for Los Angles canola oil moved down to 12 cents above March soybean oil futures in Chicago, from 13 cents previously. Mississippi Valley cottonseed oil indications also moved down on Monday to around 60 cents per pound, from 61-62 cents per pound before that.
Given the growing price competition with other low carbon intensive products, vegetable oil sellers have had to lower their offers in a bid to attract demand, a trading source said. He added that the renewable identification number (RIN) markets are facing a similar situation. “It feels like a race to the bottom, and as a buyer it’s a function of how to not catch the falling knife.”
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