Spot US interior soybean oil prices rebounded on Wednesday August 7 after suffering sharp losses in the first week of August.
Basis indications on crude-degummed and refined, bleached and deodorized (RBD) soybean oil have been stable to slightly higher over the last week, even as the futures market has been spiraling. The freefall in futures pulled soybean oil prices to their lowest levels in more than one month.
Most global equities and commodities nosedived on Monday August 5, with worries of a weaker US economy and a recession triggering widespread selling across most markets. Front-month soybean oil futures were down by 59 basis points on Monday and by another 24 basis points on Tuesday August 6, with the contract closing that session at $0.4085 per lb.
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