Packer BFT traded steady today at 41 cts/lb Chicago basis. Trading outside of the Chicago market was quiet/steady. Sources said that many are in a good position for March and there’s not an urgent need to sell at lower prices, nor pay higher prices.

Several are watching the futures market and wondering when the record short positions in soybean oil are going to be covered, futures prices were up today on strength from palm and the crude oil markets, which bolstered some sellers’ confidence.

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