Illinois crude-degummed soybean oil basis was slightly weaker at FOB levels discounted to the benchmark soybean oil futures in Chicago, which broke out of a recent range to top $0.42 per lb this week.
US renewable diesel producers have reportedly switched from running RBD to crude-degummed soybean oil, which has weighed on refining margins.
“No one is trading much RBD [soybean oil] right now unless it is a logistics-related sale,” a trader told Fastmarkets.
Recent renewable diesel margins have not been as poor as the market had anticipated given the lack of much needed guidance on the Clean Fuel Production Credit (CFPC), or 45Z.
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