Interior US cash basis on crude/degummed and refined, bleached and deodorized (RBD) soybean oil remained under downward pressure on Thursday May 2 amid minimal trading interest and low volumes for nearby positions, sources told Fastmarkets.

End users were very well covered through September, a market source said. As a result, buying — especially from the renewable diesel sector — has been limited, even amid reduced offer prices from sellers.

Many renewable diesel producers have been buying cheaper products such as animal fats and waste oils, leaving storage tanks at renewable diesel plants overflowing with feedstocks, sources said.

Other producers have reduced run rates at their plants due to weak margins and/or scheduled maintenance. Many new renewable diesel facilities scheduled to start up have yet to come online as planned.

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