Too often all of us get caught up looking at the overall structure instead of diving into the details. And it’s those details that can sometimes illustrate why a situation might not be what it appears to be on the surface.

That brings us to the two key ingredients in the oilseed complex: vegetable oils and protein meals. On the chart, you can see the stocks/use ratio for all vegetable oils; 10.01 percent is the tightest it has...