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Post WASDE comments on Oilseeds supplies: Soya >27% stock to use ratio

Seems like we are back to realities of ample oilseed supplies despite a drought in Argentina (reminding everyone that most of the soybeans grown in Argentina are genetically modified and can take quite a beating!). Brazil oil premium were offered -980 for March and -1000 for Apr/May with best bids at -1200. Bean Oil Vs Palm Oil made a new low as Palm oil prices accelerated again mostly on Indonesia news (up 10% in last 3 months) while Bean oil has been down less than 1% for the same period. Correspondingly we see RINs down for the week close to 1.65 and FAME traded +468 well below average of the month and BOGO. Note that Gasoil is still down 6% in the last 3 months. Vegetable oils will now need some bullish news otherwise direction is testing of 58-60 on futures.

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