Domestic Refined Bleached Deodorized vegoil basis levels are firming. This is the main feedstock that Renewable Fuel processors use until pre-treat capacity ramps up.
Canada canola price discovery has moments when it falls apart when reliance on discretionary offshore demand is needed. Canada canola also has leadership moments when China is buying; not case today. Canada canola also has leadership moments when timing overlaps with a North America domestic event, like a deeper Renewable Fuel feedstock reload. Amidst all the supply what-ifs, latter would seem to be the main fundamental that’s quietly propping up US soyoil and ICE canola right now.
Nice to have these because that’s what helps generate independent moments of frothiness to a Canada supply/demand that can only consume about 11 MMT of canola that way (crush and US exports). Rest of supply won’t fly at prevailing relative math.