Bean Oil Indicating That a Diesel Crisis Is Straight Ahead
Bean oil has decisively taken control of the complex and is now trading as a forward indicator of diesel scarcity rather than an agricultural input. Front month values are near $1,720/mt equivalent with June around $1,688/mt and the curve holding strong backwardation with Jun/Dec at +5.45 c/lbs. Oilshare has reached 54.7%, a level that historically signals that the soybean complex is no longer meal-driven but fully oil-led. BOGO reflects this shift with front spreads at $452/mt and extending to $538/mt in June, showing expansion driven entirely by bean oil strength while ICE gasoil weakens.
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