China’s Record Vegoil Stocks Weigh on Global Biofuels
The most striking development today comes out of China, where soybean and vegetable oil stocks have reached year-highs, with port inventories of soybeans hitting a new record of 9 million tonnes. Crush margins for the old crop remain very poor, leaving crushers with little appetite to take on more beans. This builds on a familiar seasonal pattern but highlights that China’s import demand may stay muted in the near term, adding weight to global balances.
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