Fastmarkets’ basis assessments for soybean oil, crude/de-gummed, fob central Illinois and US Gulf were steady. 

July soybean oil futures in Chicago ended the Tuesday session little changed, which left outright prices virtually unmoved on the day.

Soybean oil futures chopped around again before closing relatively flat due to a lack of fresh fundamental news. July soy oil futures settled at $0.4367 per lb on Tuesday, up by just 1 basis point from $0.4366 per lb on Monday June 10.

Market participants squared positions ahead of the USDA’s latest monthly World Agricultural Supply and Demand Estimates (WASDE) on Wednesday June 12. Market participants expect the agency to hike its projection for US 2024/25 soybean crop ending stocks to 455 million bushels from 445 million bu in May.

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