Early high temperatures in SouthAmerica have spooked trade on crop prospects although we are only maybe 30 days into a 90 days crop season for Brazil. We are now in weather markets - watch out for good rains. Nothing on the horizon through next week. BOGO was stronger today +6.9% at +345 in reaction to apparent weaking demand for diesel while Bean oil followed timidly up 1.75%. Rapeseed oil was down 10euro/mt on Dutch mill and still showing a strong spot backwardation while gross RME margin remains at $119/mt basis Dec replacements values. Sunflower oil at 950/mt remains the cheapest soft oil and $125/mt above palm olein in North European ports. FAME 0 is trading at $158 below BOGO. We are now in a growing season in SouthAmerica so all eyes on the weather.
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