US vegetable oil spot trading remained sluggish with most prices falling on Thursday May 9, in line with sharp daily losses for soybean oil futures in Chicago.

Fastmarkets assessed cottonseed oil, PBSY, fob Mississippi Valley for nearby delivery at $0.50 per lb on Thursday, down from $0.52 per lb on Wednesday, where it had been since April 18.

On the Chicago Mercantile Exchange (CME), soybean oil futures crumbled on Thursday as funds liquidated long positions and took profits ahead of the May 10 release of the USDA’s May WASDE report.

The report will contain the agency’s initial crop supply and demand forecasts for the 2024/25 marketing year. July soybean oil futures settled at $0.4264 per lb on Thursday, down by 115 basis points per lb or 2.63%.

US soybean oil exports decline week on week
US 2023/24 net soybean oil sales increased, but exports were down in the week to May 2, data from the USDA showed…