Cash basis for Gulf Coast crude-degummed soybean oil moved higher, from 7 cents at the end of June, to 8-8.5 cents most recently. Overall, the cash market has been very quiet, however. Interior supply remains tight, with the market almost sold out for the third quarter. “No one wants to take ownership at these levels and will pay when they are forced to cover,” said another source.
Refined, bleached, and deodorized (RBD) soybean oil in Illinois has been robust thanks to expectations for increased demand from the U.S. renewable diesel (RD) sector. RBD soybean oil is the preferred feedstock for many U.S. producers, particularly ones that do not have pre-treatment facilities on site at their RD plants.
Soybean oil futures in the U.S….
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