Big Soybean Meal Export Week at 500k mt!

New sales of ~170k, brings outstanding sales to ~4700k mt.

~13 weeks of meal exports sold not shipped (using 360k avg).

At current crush, we are building oil stocks like crazy (last chart), and US oil isn’t competitive into major import markets like India.

If the meal is sold, and we don’t have oil demand (hello RVO!), when does the rubber hit the road on oil stocks?

Hopefully not in the next 13 weeks.