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The premium of Brazilian soyoil over Argentine soyoil collapsed to a negative $2/mt after Brazil allowed imported feedstock for biodiesel. The spread had hit a record $115/mt in late September, and soyoil imports are up fivefold this year to 625,518 mt.
Expected Argentine soyoil imports into Brazil should ease Brazil's supply tightness and pressure Brazilian soyoil prices. Argentine crushers face weak farmer selling, which supports their domestic prices.
fastmarkets.comRei GeyssensNov 19, 2020After 152 past bearish trade events, Soybean Oil moved a median -0.2% over 5 sessions (47% higher; middle half -2.1% to +2.1%), and -0.1% 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.
