05.16.2024
Animal fat prices steady on limited volume traded
Fastmarkets price assessment for edible tallow, fob Chicago was $52.00 cents per lb on 14 railcars, steady from $52.00 cent per lb on Wednesday May 15.
On Thursday,...
US soybean oil futures for May and July delivery on the Chicago Mercantile Exchange (CME) ended lower on Friday April 12. The market traded both positive and negative, but early short covering gains ultimately gave way to profit taking before the weekend. The May contract settled at $0.4589 per lb, down 13 basis points per lb, while July soybean oil futures closed at $0.4645 per lb, down 12 basis points per lb.
Basis on nearby crude-degummed (CD) and refined, bleached, and deodorized (RBD) soybean oil in central Illinois and the US Gulf has collapsed due to a bearish supply and demand scenario at the front end of the market. Interior US supply remains abundant, and demand is still subdued, especially from the biofuels sector. Many producers have been buying cheaper feedstocks including lower carbon intensity fats and waste oils.
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