Prompt basis Indications for soybean oil in central Illinois and the Gulf were steady to lower in a slow postThanksgiving trading this week. Crude-degummed soybean oil into the Gulf was pegged at 5-6 cents over the December SBO contract, down from 5.5-6.5 cents last week. Refined, bleached and deodorized (RBD) soybean oil in Illinois was steady at 11.5-12 cents. Second-quarter RBD indications were at about a penny premium.
The physical market for soybean oil has been quiet for the most part for some time amid reports of diminished demand from both the renewable diesel and food sectors. Several larger buyers reportedly covered their positions through most of the first quarter of 2024 and are not looking to add coverage until the second quarter.
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12.24.2024
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