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Fastmarkets reports that CBOT soybean oil futures hit a record high in June 2021, more than doubling year-ago levels, while US cash basis for soybean oil reached historic highs. Renewable diesel plants are bidding up food-grade oil, and crushers find selling oil more profitable than running their own biodiesel plants.
Diversion of soybean oil into renewable diesel tightens domestic supply, supporting soybean oil and soybean prices and crush margins, with the squeeze possibly persisting into early 2022.
fastmarkets.comFastmarkets pricing teamJul 26, 2021Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Not 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.
