Soybean Oil Futures Tumble after WASDE Report

Soybean Oil Futures Tumble after WASDE Report

Interior U.S. soybean oil basis levels were flat to slightly lower over the last week. Buying interest appears to have stalled for now, sources said, after many of the larger players in the renewable sector secured coverage for nearby and fourth-quarter positions in August. Gulf crude-degummed (CD) soybean oil moved down to a wider bid-and-ask spread of 5 cents to 7 cents. Basis on refined, bleached, and deoderized (RBD) soybean oil in central Illinois for the first quarter was heard at 11 cents to 12 cents but those levels could not be confirmed at press time. The prompt RBD soybean oil market was mostly indicated in the mid-teens to the East and West Coasts.   

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