ALESSANDRO VITIELLO169/46

CEO Aviti, global strategies and analysis in agri-food commodity markets#

[ALESSANDRO VITIELLO169/46 @ALESSAN31519547]

@Badgerswimr Best possible description nowadays!

[ALESSANDRO VITIELLO169/46 @ALESSAN31519547]

@wiseconnector 75*64

[ALESSANDRO VITIELLO169/46 @ALESSAN31519547]

@Goodvib75002247 This is going to be another great catch!!! Congrats 🥇

[ALESSANDRO VITIELLO169/46 @ALESSAN31519547]

Crush Margin (gross) EOM Aug in Italy Sep-Dec ($/mt)
Soy $55🟢
Soy NO GMO $110🟢🟢
Sun $60🟢
Rape (new crop) $80🟢
Refining margin SFO (difference between mkt price refined SFO less price of crude SFO less refining loss)
$115🟢
Green green!!!
#oatt#soybean#sunseed#rapeseed#sunoil

[ALESSANDRO VITIELLO169/46 @ALESSAN31519547]

@kannbwx 216/64

[ALESSANDRO VITIELLO169/46 @ALESSAN31519547]

Crush Margin (gross) EOM July in Italy Aug-Oct ($/mt)
Soy $45🆙
Soy NO GMO $115🟢🟢
Sun $60🟢
Rape (new crop) $70🟢
Refining margin SFO (difference between mkt price refined SFO less price of crude SFO less refining loss)
$120🟢
Board crush🚀
#oatt#soybean#sunseed#rapeseed#sunoil

[ALESSANDRO VITIELLO169/46 @ALESSAN31519547]

@SoybeanTrader88 Cozze🔝

[ALESSANDRO VITIELLO169/46 @ALESSAN31519547]

@Thebestfigen Cinesina

[ALESSANDRO VITIELLO169/46 @ALESSAN31519547]

Crush Margin (gross) EOM June in Italy July-Sep ($/mt)
Soy $20🔴
Soy NO GMO $110🟢🟢
Sun $40 🟠
Rape (new crop) $70🟢
Refining margin SFO (difference between mkt price refined SFO less price of crude SFO less refining loss)
$120🟢
SBO 🥇
#oatt#soybean#sunseed#rapeseed#sunoil

[ALESSANDRO VITIELLO169/46 @ALESSAN31519547]

@Agricomp Crush margins getting below var costs soon

[ALESSANDRO VITIELLO169/46 @ALESSAN31519547]

Will see🤞🌻

[ALESSANDRO VITIELLO169/46 @ALESSAN31519547]

Crush Margin (gross) EOM May in Italy June-Aug ($/mt)
Soy $35⬇️
Soy NO GMO $120⬆️
Sun $40 ⬆️
Rape (new crop) $80⬆️
Refining margin SFO (difference between mkt price refined SFO less price of crude SFO less refining loss)
$110⬇️
Sun CM up up!
#oatt#soybean#sunseed#rapeseed#sunoil

[ALESSANDRO VITIELLO169/46 @ALESSAN31519547]

Crush Margin (gross) EOM Apr in Italy May-July ($/mt)
Soy $45⬇️
Soy NO GMO $110⬇️
Sun NEGATIVE
Rape (new crop) $70
Refining margin SFO (difference between mkt price refined SFO less price of crude SFO less refining loss)
$140
SBM is cheap!
#oatt#soybean#sunseed#rapeseed#sunoil

[ALESSANDRO VITIELLO169/46 @ALESSAN31519547]

@AgriTradeData Yes and so far the meal covered is out of the money by €30-40/t

[ALESSANDRO VITIELLO169/46 @ALESSAN31519547]

Crush Margin (gross) EOM Mar in Italy Apr-June ($/mt)
Soy $60
Soy NO GMO $120
Sun NEGATIVE
Rape $50
Refining margin SFO (difference between mkt price refined SFO less price of crude SFO less refining loss)
$130
It’s all about soy crush!!!
#oatt#soybean#sunseed#rapeseed#sunoil

[ALESSANDRO VITIELLO169/46 @ALESSAN31519547]

@MShan81962248 Volatility in bag fashion to start the week then calming down

[ALESSANDRO VITIELLO169/46 @ALESSAN31519547]

Crush Margin (gross) EOM Feb in Italy Mar-May ($/mt)
Soy $55
Soy NO GMO $110
Sun NEGATIVE
Rape $40
Refining margin SFO (difference between mkt price refined SFO less price of crude SFO less refining loss)
$130
Big wave of SFO import!!!
#oatt#soybean#sunseed#rapeseed#sunoil

[ALESSANDRO VITIELLO169/46 @ALESSAN31519547]

Mar/Apr vs OND
Price structure in Italy:
All proteins/oilseed/vegoils/grains in backwardation with notable exception of Soybean meal. In fact SBM is the weakest leg of crush complex and under heavy pressure nearby
#soybeans#soybean meal#soy crush

[ALESSANDRO VITIELLO169/46 @ALESSAN31519547]

Crush Margin (gross) EOM Jan in Italy Feb-May ($/mt)
Soy $60
Soy NO GMO $120
Sun $35
Rape $55
Refining margin SFO (difference between mkt price refined SFO less price of crude SFO less refining loss)
$140
Soy crush being maximized everywhere
#oatt#soybean#sunseed#rapeseed#sunoil

[ALESSANDRO VITIELLO169/46 @ALESSAN31519547]

SAM soybeans crop estimate:
BRZ 169MMT
ARG 46 MMT
#soybeans#oatt