BOPO at +260 as RFS Premium Collides with Global Surplus and Thin ARAG Liquidity
The most striking feature in the complex remains BOPO above plus 260. At the end of 2024 the spread traded near minus 200. The reversal has occurred despite more comfortable US soy oil stocks and looser global oilseed balances. This is not a classical shortage driven rally. It is a structural repricing.
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