Cash trading for US vegetable oils was dull to kick off the Thanksgiving-truncated week on Monday November 25.
Basis levels for crude-degummed soybean oil in the US Gulf export market remained elevated.
At the beginning of October, Argentina’s soyoil basis premiums rose above those in the US for the first time since 2022, making US Gulf exports a more economical option for foreign buyers.
As a result, over the last month or so, soybean oil export sales and shipments out of the Gulf have surged.
Still, soybean oil trading in US interior markets for the balance of the year has been very limited, a trading source said, due particularly to little buying interest from the biofuel sector.
Domestic biodiesel producers remain reluctant to buy feedstocks, including soybean oil, before the transition from the $1-per-gallon Blenders’ Tax Credit (BTC) to the Clean Fuel Production Credit (CFPC).
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