This week’s push higher in basis indications for interior US refined, bleached and deodorized (RBD) soybean oil was expected to be short-lived, trading sources told Fastmarkets on Friday February 14.
In the week to Friday, the basis on prompt central Illinois RBD soyoil moved up to a premium of 200-300 basis points per lb FOB to March soybean oil futures in Chicago, compared with a premium of 150-200 basis points per lb to the underlying futures contract previously. At one point, offers for RBD bean oil were talked as high as 400 basis points per lb above March soyoil futures.
“We are hearing a lot of guys are long RBD soybean oil, so I am thinking the small premium bump we saw recently will be stalling out,” a market source said.
Soybean oil is one of the most widely used feedstocks in the production of biomass-based diesel and renewable diesel.
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