Activity in the US cash vegetable oil market remained very quiet on Tuesday June 4.
Fastmarkets assessed soybean oil, basis, crude/de-gummed, fob US Gulf for rail delivery and in-tank transfers as high as 50 basis points above the July soybean oil futures contract on the Chicago Mercantile Exchange (CME).
Though basis levels shifted slightly upward into narrower ranges, soy oil futures prices declined for a second consecutive session, leaving Fastmarkets’ price assessment for soybean oil, crude/de-gummed, fob US Gulf at $0.4362-0.4412 per lb on Tuesday, down from $0.4414-0.4464 per lb a day earlier.
Renewable diesel (RD) producers have reportedly started to show increased interest in covering soybean oil positions beyond the second quarter, market sources said last week.
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