Basis on refined, bleached, and deodorized (RBD) soybean oil in Illinois was up another 1.25 cents this week to 16.5 cents above July soybean oil futures. Interior supply remains tight, and demand is still firm.

Since May 31, RBD prices are up almost 11 cents, or 18 percent, to a three-month high at 71.93 cents per pound. With crude-degummed soybean oil basis fairly stable over the last two weeks, the price spread between RBD and crude-degummed, or the refining margin, has been gradually creeping higher to levels not seen since September 2022. The margin is now at 13 cents per pound, up from 11.5-12 cents per pound last week and 10 cents per pound in early May.

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