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Biodiesel Crush Margin for September improves this past month

We have had an improvement of 50 c/gallon or $150/mt in screen margin but with RINs still at 1.51, both RD and Biodiesel makes sense through Sep but a bit less for Dec as we are still operating with large backwardation. Nothing major to report on crop but we can definitely see that with a bumper corn crop in Brazil, and a normal crop in US, it will be difficult to not predict another bumper crop in Brazil for early next year that will add to a stock-to-use ratio that exceeds 30%. Situation in Europe on Biodiesel is definitely not similar to what we see in US where ramping up through end of Q3 continues. FAME0 (+321) in Northwest Europe continues to trade at significant discount to BOGO (+545). Don't see much changing there and we can predict record Biodiesel exports from Europe to US at least through end of Q3 unless an economic miracle happens in Germany.

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