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Central Illinois and Gulf crude-degummed soybean oil basis levels slipped as soybean oil futures fell for a third straight session. The decline followed a US Court of Appeals ruling on July 26 that vacated most EPA small refinery exemption denials under the Renewable Fuel Standard.
The ruling could cut biodiesel and renewable diesel demand for soybean oil, a key feedstock, which weighs on crush margins and soybean oil prices. Lower oil prices also reduce the value of soybean oil relative to meal.
thejacobsen.comAlexandra WattsJul 30, 2024After 351 past bearish policy events, Soybean Oil moved a median -0.0% over 5 sessions (49% higher; middle half -1.7% to +1.8%), and -0.2% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
