US soybean oil cash trading remained largely quiet, with nearby basis indications little changed to a touch stronger in the week to Tuesday September 24.
Most buyers have cleaned up their nearby positions for refined, bleached and deodorized (RBD) soybean oil in Illinois, and “I think most people are just focusing on logistics to run hard while the margin is there,” one market source said.
On Tuesday, Fastmarkets assessed soybean oil, basis, crude-degummed, US Gulf at a premium of 425-500 basis points per lb to the October soybean oil futures contract in Chicago. This was up from a premium of 400-450 basis points per lb a week earlier.
Outright soybean oil prices in the US have been clawing higher in the last week or so, alongside concurrent gains in the futures market.
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