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Soybean Global Stocks excluding China now forecasted up 22.5%

According to the latest WASDE released on Friday, soybean stocks outside of China are forecasted up +22.5% which is significant yet Soybean oil inverse (backwardation) until Dec23 is in line with Gasoil at $45/mt. What is most interesting is that Dec23/Dec24 is showing $106/mt while Gasoil (Diesel) is showing only $88.75/mt for that same period. RINs in US are starting to show a lot of weakness on account of over-generation by renewable diesel (HVO) production. The July RINs table show almost a 1.3 Bil gallon difference between generated and separated. It is starting to look like the perfect storm.

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