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US soybean oil cash basis for crude/degummed and RBD oil remained under downward pressure on May 2 with minimal trading interest. Renewable diesel buyers were well covered through September and have been purchasing cheaper animal fats and waste oils instead.
Weak cash basis and reduced renewable diesel buying signal soft domestic soyoil demand, pressuring crush margins and soybean oil prices.
thejacobsen.comAlexandra WattsMay 2, 2024Not enough comparable past events yet for a historical read.
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.
