Spot trading in the US for soybean oil and other vegetable oils was quiet on Monday August 12.
The US Gulf Coast basis for crude-degummed soybean oil increased during the second half of last week, while soyoil futures in Chicago remained under pressure.
Fastmarkets assessed soybean oil, crude-degummed, US Gulf at $0.4598-$0.4698 per lb on Monday, down from $0.4642-$0.4742 per lb on Friday August 9.
US soybean oil prices extended losses on Monday following the midday release of the USDA’s monthly World Agricultural Supply and Demand Estimates (WASDE) report.
The September soybean oil futures contract ended the session at $0.4148 per lb, down by 94 basis points per lb, or 2.22%, from a close of $0.4242 per lb on Friday.
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