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Agriculture Biodiesel Energy Europe

Spain likely to boost biodiesel mandate as veg oils fall to multi month lows

Markets are opening the week steady with BOGO and POGO spreads both little changed on Friday’s values. Crude remains in a bear market as CFTC data shows that longs in WTI have dropped to their lowest levels in 2 years following ample supply. Soybeans fell 4.1% over last week, adding pressure to soybean oil prices which are already touching on 4 month lows. There is no change in the forecasts, easing weather fears for corn which is heading into its pollination stage, pressuring prices down 6.6% over the week. Biodiesel spreads are flat following a thin market on Friday. Spain is reportedly looking at raising its biofuel mandate back to 5% from the current 4.1% in order to boost its lagging biofuels industry and bring the country into line with its European peers.

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