Ten HOT Nuggets
10 | Wild ride!
Speaking of Panama, water levels on Gatun Lake (which serves as the reservoir providing the water necessary to operate the locks of the Panama Canal) have not only returned to normal in recent weeks, but now sit above the 5-year average - a significant improvement over conditions the past few years:
9 | HOT Grease
In this week's episode of Unintended Consequences we have United States "used" cooking oil imports, up 89% year-on-year.
The star of the show is China, supplying a record 1.3 billion pounds of UCO to the U.S. in the first six months of 2024, up 159% year-on-year.
Other movers and shakers include Germany with imports up +1764% year-on-year, the U.K. +890% and Indonesia +591%, jumping from barely in the top 10 last year to #3 thus far in 2024.
8.1 | How low can you go?
We won’t get the next round of biomass-based diesel feedstock data until end of the week (for June) but all signs point to continued strength in soybean oil demand (1Blbs+/month) as futures have continued their slide into multi-year lows, outpacing losses in other fats and oils:
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