A solvent extraction free, caustic refining free, process for producing refined soybean oil from soybeans includes the steps of heating cleaned, cracked and dehulled soybeans at a temperature of from 220.degree. F. to 600.degree. F. for from 45 to 60 minutes; mechanically pressing the heated soybeans to separate soybean oil; and heating the extracted oil at a temperature of from about 350.degree. F. to about 500.degree. F. under a vacuum to remove free fatty acids from the soybean oil.