Prompt US interior crude/de-gummed soybean oil cash prices moved up during the week ended Friday April 26.
Prices were higher due to stronger basis indications and gains in soybean oil futures on the Chicago Mercantile Exchange (CME).
Fastmarkets assessed the soybean oil, basis, crude/de-gummed, fob US Gulf at $0.01-0.00 per lb below the CME’s May soybean oil futures contract compared with $0.025-0.010 per lb below the contract on April 19.
Fastmarkets’ price assessment of soybean oil, crude/de-gummed, fob US Gulf was $0.4393-0.4493 per lb on Friday, up by 4.8% from $0.4188-0.4338 per lb on April 19.
Cash soybean oil markets have been weighed down due to abundant supply caused by a slowdown in feedstock demand from the biomass-based diesel industry. Market sources were a bit surprised by the stronger basis levels this week.
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