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Brazil increased its biodiesel blend mandate to 14% from 12% starting March, accelerating the schedule. Argentina's soybean crop is forecast to rebound to 48mn t, and unfavorable weather threatens Brazil's soybean crop.
Beef tallow exports are surging.
Higher Brazilian biodiesel demand and tighter tallow and soyoil supplies raise feedstock costs, while an Argentine rebound offers some offset in soymeal supply.
argusmedia.comAlexandre MeloMar 25, 2024After 842 past bullish policy events, Soybean Oil moved a median +0.2% over 5 sessions (52% higher; middle half -1.6% to +2.1%), and -0.5% over 20.
After 206 past neutral policy events, Soybean Meal moved a median -0.4% over 5 sessions (44% higher; middle half -2.3% to +1.8%), and -0.7% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
