At the cash market, soybean oil indications stepped lower this week in very dull activity. U.S. Gulf Coast crude-degummed soybean oil was assessed at 5-5.25 cents, down from 5.75-6.75 cents previously. Prompt crude-degummed soybean oil in central Illinois was indicated at 3.5-4 cents, compared to 4-5 cents a week earlier.
The tone of the spot market remains quiet, with few actual deals transacted. Demand from the food and renewable diesel (RD) sectors for soybean oil and other feedstocks has been lackluster overall. In addition, prices for Renewable Identification Numbers (RINs) remain weighed down, leaving RD margins in the negative. Many of the largest soybean oil buyers are also reportedly covered through some, if not all, of the first quarter of 2024.
At the futures market, soybean oil briefly tested support by crossing below 49 cents per pound early today. However, December soybean oil futures…
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