Despite massive demand for Soybean oil in the United states from an increase of 3.4 Mil MT to 13.6 Mil MT, we are seeing considerable pressure coming from funds on Soybeans. It is now not impossible that we could trade Chicago Soy below 11.60. We are still in weather markets and Argentina is looking drier at this moment. With production and imports of Biodiesel in Dec at record high at 1.75 Mil MT, we can expect very little market support from Biodiesel/renewable diesel through March in middle of Brazil harvest gut-slot pressure.
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