Refined soybean oil basis levels continued higher at midweek, due to robust demand from the food and renewable diesel sectors. Offers from Midwest locations were heard as low as 13 cents FOB, with most higher at closer to 13.50-14 cents. Indications were pegged near 15-16 cents delivered into Chicago for the third quarter and closer to 17 cents delivered for nearby. RBD soy oil delivered by rail into the Northeast for the second and third quarters was indicated between 18-19 cents. 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 basis levels higher. 

For a third straight day this week, benchmark soybean oil futures markets in Chicago were lower on profit taking and liquidation. On the CME, the benchmark July soy oil futures contract finished the day at 52.05 cents per pound, down 99 basis points…