Biodiesel Manages Downside in a Weak Energy Tape: Producers sell RME, buy HVO, and lean on policy-backed rapeseed, canola, and SAF demand

Energy is marginally weaker today, but the pressure remains squarely on vegetable oils, with soyoil again the weakest leg of the complex. Front-end structure continues to deteriorate: the Jan/Jul soyoil carry has widened to –1.34 while Jul/Dec has narrowed to around +0.45, a clear signal that near-term surplus is being priced more aggressively while the back end stabilizes. BOPO echoed that softness, sliding nearly 10% on the day to around +98.6 for March, confirming that veg oils are underperforming palm ( a proxy for waste oils) even without a collapse in outright energy.

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