FAME in Europe finally trading at BOGO values of +$520/mt over ICE Gasoil with premium in a contango structure. However we can see that Gasoil is down 14% in the last 3 months reflecting healthy fuel supplies despite sanctions while Bean oil is down a bit less than 2%. US Crush margins for soy is up +20% in the last 3 months while continuing to add to overall supplies of Bean oil. Soy crush margins remain quite healthy through May23 while a "monster" crop of Soybeans will be harvested in South America despite dry conditions mostly on account of additional acreage especially in Brazil.
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