DXY hit a one-year high of 107.49. Cash prices of commodities in general are under pressure in destination markets due to strong US$, particularly in Europe. RSO was down 20 Euro/mt, but backwardation to Jan 25 of 30 Euro/mt remains, perhaps due to the many Ukraine-origin cargoes blocked from unloading in French ports. We note that Paranagua FOB premium for soyoil was a little firmer by 30-50 points, with new crop Mar/Apr offered at +20 vs -70 bid. EPA released Oct data from EMTS of D4 RINs generated, and it appears that the first 10 months amounted to 3.04 billion RINs, meaning that we probably have a derived 2.97 billion RINs surplus despite continued deficit in the D5 category. Remember, the RFS RINs categories are nested, so we won't know what the total is until the end of the year, but it does look like we have a significant surplus on account of expiring BTC in Dec 2024 as everyone maximized its eligibility. D4 RINs fell most significantly today from 0.65 to 0.607... probably not done yet as BTC is still not renewed for 2025, and Congress goes on Thanksgiving recess today through Dec 3 with a serious budgetary deadline on Dec 20. The barge market in Northwest Europe was much lower in flat price as premiums took a dive. RME (winter bio) still showed a gross replacement margin of $120/mt, while FAME 0 showed $93/mt. Meanwhile, UCOME showed $200/mt gross replacement margins.
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