Vegetable oil (palm, soybean, canola, sunflower, and five more) prices are now directly tied to the price of crude oil because of the growing use of biofuels. Oilseed producers need to track the fundamentals and technical factors of crude oil to improve marketing of oilseeds. Low sulfur distillate stocks (heating oil and diesel fuel) are down 14% from the previous year, and more bean oil will be needed to stretch diesel supplies.
Brazil’s President-elect Lula's transition team said Tuesday they will cancel the 14% and then 15% mandate for biodiesel blend in 2023 and stay at the current 10%.
Brazil’s export traders say export loading is at a dead stop as of Wednesday evening with the farmers and truckers protesting. No Ag products going on ship, no goods coming off ships. Brazil is the world’s 2nd largest grain and oilseed exporter.