The cash market for soybean oil and other edible oils was incredibly quiet on Tuesday May 28, with basis levels for prompt delivery fairly stable.
Market sources continued to indicate that feedstock demand from the US renewable diesel (RD) sector may be slowly ramping up following a period of diminished consumption.
Storage tanks at RD plants were said to be overflowing with feedstocks earlier this spring, according to market sources. Last week, several sources said several producers had “cleared” existing stocks and were looking for new supply.
In the last year, slower-than-expected soybean oil demand, specifically from RD producers, caused a buildup of domestic soybean oil supply that has left cash-basis levels depressed for about six months.
In the last year, soybean oil has lost market share to cheaper, low-carbon-intensive feedstocks — animal fats, oils and greases.
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