Weekly Winners & Losers
It was a big week for beans as the impending heat wave and total absence of rain has the market on edge.
Bean oil was the complex leader - with nearby futures closing up 6.5% on the week, 10.7% the past 30 days and 53% higher than the May 31 lows.
YES - 53%!
Oil stocks are in short supply and we are still a couple months out from any supply relief with new crop crush.
With weather threatening the US bean crop and a diesel market that has now rallied more than 40% off its May 31 lows bean oil remains the complex leader - even with Argentina’s meal woes.
Twins!
Sep Diesel futures:
Lots of drivers here:
Low prices cure low prices and that is exactly what happened to bean oil as refiners cranked out copious amounts of renewable diesel in May when our favorite vegetable oil was competitively priced with other feedstocks leading to massive stock drawdowns
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