WASDE Shrugs While Distillate Tightness and Soybean Oil Strength Take Center Stage
WASDE day arrived with little consequence for the vegetable oil complex. The USDA report left the soybean balance sheet largely unchanged and therefore gave biodiesel traders little new information to process. U.S. soybean production remains near 4.26 billion bushels, equivalent to roughly 116 million metric tons. U.S. crush was adjusted slightly higher to 2.575 billion bushels, about 70 million metric tons, while ending stocks remain near 350 million bushels, roughly 9.5 million metric tons. The soybean balance sheet therefore remains stable and the report itself did not materially shift the vegetable oil outlook. Only diesel could change the outcome of the large SouthAmerican crops.
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