US soybean oil cash basis indications down on ‘spotty’ demand

US soybean oil cash basis indications down on ‘spotty’ demand

US soybean oil basis indications moved down over the week to Tuesday September 10, with demand very “spotty,” at least through the end of September, according to market sources.

The cash basis for soybean oil, crude-degummed, fob central Illinois dropped to a premium of 50-125 basis points per lb to the October soy oil futures contract on the Chicago Mercantile Exchange on Tuesday. This was down from a premium of 125-175 basis points per lb on Monday.

“There doesn’t seem to be much trading nearby, as most end users are covered and processors are getting ready for the new crop,” one trading source said.

On Tuesday, Fastmarkets assessed soybean oil, basis, crude-degummed, US Gulf at a premium of 400-450 basis points per lb to the underlying soyoil futures contract, compared with a premium of 450-500 basis points per lb previously.

Membership is required to view the rest of this post.
Click here to learn more and sign up for a free 7-day trial!

Blog

11.21.2024

Domestic US biodiesel blending helps lift October RFS RIN production

Domestic US biodiesel blending helps lift October RFS RIN production

US domestic biodiesel blending of 147.5 million gallons in October produced a monthly high of 221.2 million renewable identification number (RIN) credits for January-October. This was 11.5% above September...

11.21.2024

CWG trades lower as broader animal fats markets hold steady

CWG trades lower as broader animal fats markets hold steady

The US animal fats and oils markets held steady on Thursday November 21, with limited trading as attention shifted toward broader macroeconomic factors and...

11.21.2024

October commercial cattle, hog production above 2023

October commercial cattle, hog production above 2023

US animal protein prices were steady on Thursday November 21. Limited trade was reported from market sources due to the proximity of the extended Thanksgiving holiday weekend in the...

Latest Tweets