Soyoil Structure Breaks as Carry Returns and Policy Fails to Tighten the Market
BOGO has repriced sharply. Prompt structure has moved from above 400 to around 323, a drop of roughly 80 to 100 points, or more than 20 percent. July sits near 529 and Q4 around 556, leaving the front to Q3 spread near -200. This flattening shows that the premium for prompt barrels has eroded materially.
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