Physical soybean oil markets remained quiet and under some additional pressure this week. In central Illinois, prompt crude-degummed soybean oil was flat at 3.5-4 cents. Indications on refined, bleached and deodorized (RBD) soybean oil in the region eased to as low as 10.5 cents this week and were last heard at 11-11.50 cents. This was down from 11-12 cents previously.  

Many of the largest buyers have covered positions through some, if not all, of the first quarter of 2024, and this has left nearby soybean oil demand for renewable diesel (RD) production at lackluster levels. This, along with weak D4 Renewable Identification Numbers (RINs) prices, which have weighed on RD margins, have been keeping a lid on bean oil indications. 

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