US cash vegetable oil prices ended the day and the week little changed on Friday June 21.
Activity in the spot edible oil markets was sluggish. Basis indications on prompt crude/de-gummed soybean oil in central Illinois and the US Gulf Coast were fairly firm after strengthening the week prior.
On the Chicago Mercantile Exchange, July soybean oil futures settled at $0.4394 per lb on Friday, down by 3 basis points per lb from $0.4397 per lb on Thursday June 20. Week on week, the July soy oil contract was up 26 basis points per lb.
Soybean oil futures prices were higher early in the week after the National Oilseed Processors Association (NOPA) reported a larger-than-expected decline in US soybean oil stocks for May on June 17.
NOPA, whose members process about 95% of the US’s soybeans, estimated that May soy oil stockpiles were down by about 6% month on month and 8% year on year to 1.72 billion lbs.
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