Basis on crude degummed (CD) soybean oil in central Illinois and the Gulf shifted lower yet again this week. The market is said to be awash with supply into the second quarter, and with few interested buyers, basis turned negative for product out of central Illinois. 

Bids in the Gulf for CD soybean oil were reported as low as parity to March soybean oil futures on the CME, but the bulk of trading was completed around 1.5 cents above the contract. In central Illinois, prompt refined, bleached, and deodorized (RBD) soybean oil was indicated at 8.50-9 cents above March SBO futures.

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