Heat crack margin on screen remains at $23/brl while 3:2:1 is $33/brl. Something has to give and all eyes remain on Asia where China is simply not showing any sign of revival after the early may golden week holiday. On the Biodiesel front we note that BOGO has fallen 40% to +357 in the last 3 months yet trade this holiday week (Ascension) still showed FAME trading at least $100/mt below that. Only sign of strength seemed to be waste based Biodiesel (UCOME) trading now at +400 over FAME values or $1359 flat price which is unsustainable. Bean oil futures have fallen 22.5% these last 3 months remain well below 200wma and 50wma while FOB premium in Paranagua have recovered somewhat to -650 but bids have now faded to -750. Still feels weak.
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