Nearby SBO Indications Remain under Pressure

Nearby SBO Indications Remain under Pressure

 **Please note, The Jacobsen will close at 1:00 PM CT on Wednesday and will not publish a bulletin on Thursday and Friday in observance of the Thanksgiving holiday. A price update will be published on Friday without commentary.**


Soybean oil spot markets were very quiet to open the Thanksgiving holiday-shortened week. Nearby indications for crude-degummed soybean oil in central Illinois and the Gulf stepped back from early last week’s levels to 2.5-4.5 cents and 5.5-6.5 cents, respectively. 

Anecdotal reports of decreased demand in recent weeks, not only from the renewable diesel (RD) sector but also from the food industry, have pressed on soybean oil indications. Sources have continued to report that large buyers are covered through the first quarter of 2023 in many cases and are not looking to add coverage until the second quarter.

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