May delivery soybean oil futures settled at $0.4466 per lb, down by 65 basis points per lb or 1.43%. The July soybean oil contract ended the session at $0.4527 per lb, declining by 61 basis points per lb or 1.33%.
Soybean oil is the most widely used feedstock in biomass-based diesel production, accounting for 35% of monthly usage. However, that figure has fallen year on year from 50% due to the increased use of other low-carbon intensive feedstocks such as animal fats, oils and greases.
Imports of fats and oils have climbed to record highs, while exports have fallen sharply, creating more flexibility for renewable diesel (RD) producers in sourcing feedstocks. The increased availability of alternative feedstocks and a record flow of vegetable oil imports have created competition for soybean oil and pressured soybean oil prices.
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11.25.2024
Glycerin prices mostly stable even amid tightening kosher supplies
Glycerin prices were mostly stable on Monday November 25, with one source saying “market prices seem to be holding for now.”
Kosher glycerin supplies are “getting tighter,” according...
11.25.2024
Packer BFT, CWG trade higher; hog slaughter down week on week
Prices for packer-grade bleachable fancy tallow (BFT) moved higher on Monday November 25, in an otherwise quiet trade day ahead of the Thanksgiving holiday.
Five cars of packer BFT traded...
11.25.2024
Cattle slaughter six-week average projection down for holiday season
Trading was generally quiet in the US animal protein market on Monday November 25, though price ranges adjusted slightly in typical pre-holiday fashion.
Price pressure on ruminant meat...