Spot market indications for interior soybean oil remained depressed on Tuesday April 16, with the market in “shambles,” according to one market source. Soybean oil futures in Chicago for May delivery slumped to one-month lows, moving below $0.4500 per lb to settle at $0.4491 per lb, down 56 basis points per lb, or 1.23%. July soybean oil futures closed at $0.4548 per lb, down 53 basis points per lb, or 1.15%. 

Nearby crude-degummed (CD) soybean oil in the US Gulf was heard as low as 3 cents below the May futures contract. Cash basis offers were reported at one cent below May bean oil futures.

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