Crude-degummed (CD) and refined, bleached, and, deodorized (RBD) soybean oil basis indications were steady to a touch firmer this week. However, very little actual trading was done, market participants said.
CD and RBD soybean oil prices have plummeted more than 50 percent from their April 2022 highs, as supply remains abundant. This was evidenced by the most recent monthly figures from the U.S. National Oilseed Processors Association (NOPA). For the third straight month, domestic stockpiles among NOPA members climbed in January, increasing 10.8 percent to a total of 1.51 billion pounds. This was the largest level of soybean oil stocks since July 2023. NOPA members process about 95 percent of the country’s soybeans.
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