US soybean oil cash basis, futures climb

US soybean oil cash basis, futures climb

Cash prices for US vegetable oils stepped higher on Tuesday July 2 in what should be an overall quiet week for trading. The US market will be closed on Thursday July 4 for the Independence Day holiday.

In the last week, basis indications on crude/de-gummed and refined, bleached and deodorized (RBD) soybean oil continued to claw higher, in tandem with ongoing price gains for tallow and choice white grease.

Several market sources said soybean oil basis offers continued to bump higher in the wake of Phillips 66’s announcement at the end of June that it had completed the full conversion of its massive Rodeo facility in California to process renewable feedstocks. The facility has a maximum capacity of 50,000 barrels per day of renewable fuels, and this is expected to underpin the US biofuels feedstocks markets, including soybean oil.

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