11.22.2024
Biodiesel margins rise, but window of opportunity limited
Biodiesel margins continued to rise during the week to Friday November 22. The bean oil/heating oil (BOHO) spread boosted margins by falling to its lowest level since August 27.
The relaxation of restriction in the United States has been the impetus for people to get out and about. Apple mobility shows that travel via automobiles and walking is up compared to the period ahead of the lockdowns in the United States. One would expect that more and more people were using this opportunity to head to the grocery store, but surprisingly its online grocery purchases that are gaining traction.
Online grocery purchases continue to rise at a brisk pace according to a survey from Brick Meets. Online supermarket sales rose 24% month-over-month in May to $6.6 billion. Online grocery dollar sales growth totaled $1.3 billion in May, the same as in April when sales jumped 37% from $4 billion in March.
What is interesting is that the average monthly purchase frequency moved higher as well in May, up 10% to 1.7 purchases per customer from 1.6 in April….