Basis on crude-degummed and refined, bleached, and deoderized (RBD) soybean oil was holding strong early this week. With positions most locked in for the second quarter, the recent tumble in soybean oil futures below 50 cents per pound has prompted some smaller buyers to start to look to the first and second quarters of 2024, trading sources said. Still, at the moment, the majority of participants remain interested in booking deals for the third and final quarters of this year. Indications for RBD soy oil from Midwest refineries were said to have gotten as high as 15 cents FOB. However, most were below that level, closer to 14 cents FOB through the fourth quarter.
Expectations for increased U.S. renewable diesel (RD) demand from new units coming online, combined with scheduled maintenance at several Midwest crush plants in the fourth quarter, initially boosted soybean oil basis several weeks ago. Still, several RD plant start-ups have been delayed. PBF Energy recently…
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