The USDA reported in its monthly Oil Crops Outlook that vegetable oil prices declined nearly 6 percent from October to November due to weaker Renewable Identification Numbers prices, lower energy prices, and increased supply of alternative vegetable oils and fats in the biofuels market. As a result, it lowered its season-average soybean oil price forecast 4 cents to 57 cents per pound. Current soybean oil prices are hovering right at 50.7 cents per pound and canola oil prices follow this soybean oil price very closely.
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Canola trade remains subdued
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