In Chicago, soybean oil futures spiraled lower on Tuesday May 14 amid reports the US will not impose higher tariffs on Chinese used cooking oil (UCO) imports. On Tuesday, the US White House announced increased tariffs on several Chinese goods, but this did not include UCO.

On the Chicago Mercantile Exchange (CME), the most widely traded July soybean oil futures ended at $0.4340 per lb on Tuesday, down 175 basis points per lb, or 3.88%, from $0.4515 per lb on Monday May 13.

On Wednesday May 15, the National Oilseed Processors Association (NOPA) will report April US soybean crush figures. In March, domestic soybean crush reached a fresh record high of 196.41 million bushels, up more than 10 million bu, or 5.48%, on the month, and up 5.7% on the year, well above the previous record of 195.33 bu set in December 2023.

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