Difficult to see where next support is for Bean oil at this stage as technical damage is serious. FOB premium in Paranagua did not move that much and remain at -800 having appreciated 100 points only. Rapeseed oilseed crop in Europe is also now announced to be 3-4% greater and we see soft oil prices in Europe trading $20-35/mt lower with RSO still cheapest at $825/mt or $55/mt below Soyoil . My feeling is that Gasoil is preventing further downside as only the 50dma has not crossed the 200dma but it is near. Crack margins in diesel remain >$20/brl so difficult not to see $500 gasoil coming soon. BOGO remains stubbornly at $430/mt while FAME trading at +250-280/mt. Based on this, would say BOGO possibly has $200/mt downside. Nothing is easy for the trade as no one wants to catch a falling knife!
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