It was a quiet week overall for the US spot vegetable oil market.

Fastmarkets assessed cottonseed oil, PBSY, fob Mississippi Valley for spot delivery at $0.53 per lb on Friday June 7, up from $0.52-0.53 per lb on Friday May 31. Cottonseed prices moved higher amid midweek strength in soybean oil futures.

Basis on crude-degummed soybean oil in central Illinois and the Gulf also edged higher this week. Fastmarkets assessed soybean oil, basis, crude/de-gummed, fob US Gulf for rail delivery and in-tank transfers as high as 150 basis points above the July soybean oil futures contract on the Chicago Mercantile Exchange.

In the last year, slower-than-expected feedstock demand from the US renewable diesel (RD) sector led to a build-up of domestic soybean oil supply that has kept a lid on cash basis levels since the end of 2023.

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