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Cash basis for crude-degummed and RBD soybean oil in central Illinois eased after reports that a renewable diesel producer was selling a large part of its soybean oil position due to operational issues or poor margins. The CD-RBD spread narrowed from 11.75 to 10 cents, and rumors suggested several renewable diesel plants may be offline.
Offloading soybean oil from idled renewable diesel plants adds nearby supply and weakens Midwest oil basis, though the bearish effect depends on whether the plants restart.
thejacobsen.comAlexandra WattsAug 2, 2023Not 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.
