Cash basis on refined (RBD) soybean oil in Illinois continued to firm on Monday, moving up to 13 cents above July soybean oil futures. RBD soybean oil indications for delivery in the third and fourth quarters were heard slightly higher at 13.5 cents and above. Basis on crude-degummed soybean oil in Illinois and the Gulf also advanced to start the week, climbing to near three cents to four cents, respectively.
The stronger basis levels were attributed to rising demand from both the food and fuels sectors. Expectations for increased U.S. renewable diesel demand in the next 30 to 60 days from new units coming online, combined with scheduled maintenance at several Midwest crush plants later this year, have been the driving forces behind the basis uptick.
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