Cash markets were still sluggish on Tuesday, with prices ranges again flat to marginally changed on the session. Demand for edible oils, including soybean oil, in the physical market has been depressed since the final quarter of 2023, particularly from the renewable diesel (RD) industry. Overall domestic soybean oil consumption dropped 12 percent in October 2023, from 1.21 billion pounds to 1.06 billion pounds. This was the largest monthly drop in consumption since January 2022. Consumption from the RD sector was down 29 percent in October. 

Soybean oil futures trading on the CME in Chicago continued to edge up on Tuesday. The most actively traded March soybean oil futures contract held above 48.00 cents per pound to end at 48.21 cents per pound, up just 5 basis points per pound. The market remained supported, in part, by news that Phillips 66 received regulatory approval for the conversion of its Rodeo oil refinery in California…