We have record oilseeds crops being grown in South America after just harvesting another record crop in US this year. Overall production of Vegetable oil growing for 2022/23 at a pace of nearly 9 Million MT for 2022/23. We should also consider that nearly 3 Mil Metric Tons of that amount is coming from increases in Palm oil production that is increasingly being eliminated as a feedstock for Biodiesel especially in EU as it is already not an acceptable feedstock under US EPA rules for some time. Biodiesel increasingly reliant on Soy and Rape oil whose supply will increase 4.2% and 8.5% respectively. South American premium for the next crop of Soy is already reflecting historically low premiums soyoil
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