Basis indications for US interior and Gulf crude-degummed soybean oil were unchanged day on day but firmer week on week during the Monday February 24 session.
The basis on nearby Gulf crude-degummed soybean oil was assessed at a premium of 200-400 basis points per lb to March soybean oil futures on the Chicago Mercantile Exchange, unchanged from the Friday February 21 assessment.
Some market sources called the Gulf soybean oil market tight and said fuel buyers were at the lower end of the range, while buyers in the export market were at the higher end of the range — which was up from a premium of 300 basis point per lb to March soyoil futures a week earlier.
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