As soybean oil futures continued to crumble this week, crude-degummed and refined, bleached, and deoderized (RBD) basis levels in the Midwest were firm to higher although trading continues to be thin. Sources pointed to tight supply, with anecdotal reports indicating that capacity is generally sold out through the third quarter.
Soybean oil basis began to climb several weeks ago amid expectations for increased demand from the U.S. renewable diesel (RD) sector from new units coming online, combined with plans for scheduled maintenance at Midwest crush plants in the fourth quarter.
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