Cash canola oil prices step back from recent gains as soyoil futures plunge

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Cash canola oil prices step back from recent gains as soyoil futures plunge

US spot canola oil prices fell on Wednesday January 22 as the benchmark soybean oil futures contract slumped almost 3% on the day.

Fastmarkets assessed canola oil, refined, bleached and deodorized, fob Los Angeles at $0.5292 per lb on Wednesday, down from $0.5427 per lb a day earlier. March soybean oil futures fell $0.0135 per lb at midweek to settle at $0.4442 per lb, down from $0.4577 per lb previously. 

Canola oil physical prices have declined by about 3% on the week amid expectations the...

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