Over the last week, cash basis on soybean oil in central Illinois worked lower. However, outright prices moved higher over the last few days, in step with the recent uptick in soybean oil futures on the CME. Cash basis for crude-degummed (CD) soybean oil in central Illinois was indicated around four cents over September bean oil futures, leaving prices just shy of 71 cents per pound on Wednesday. Prompt basis indications on refined, bleached and deodorized (RBD) bean oil in Illinois were heard in a wide range from 13-15 cents, with most discussed around the 14 cents-mark.
A source reported that some distressed spot material surfaced this week but said it was getting “gobbled up” by producers in the Gulf. Another contact reported hearing an offer well above market at 17.5 cents for a sizeable volume of RBD bean oil for delivery into Chicago during the third quarter. This could not be confirmed as of press time.
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