Physical markets for US vegetable oils remained largely subdued on Tuesday October 29.
Basis indications on soybean oil, basis, crude-degummed, US Gulf, eased slightly, but were holding up after running sharply higher in the previous week.
On Tuesday, Fastmarkets assessed the price of soybean oil, basis, crude-degummed, US Gulf, for nearby delivery, at a premium of 500-525 basis points per lb to the benchmark December soybean oil futures contract listed on the Chicago Mercantile Exchange. The basis was down slightly from a premium of 500-550 points per lb on Monday October 28.
But outright prices at the Gulf for soybean oil were little changed, near $0.4800 per lb
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