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.
Soybean export sales for the 2019/20 marketing year were 88. thousand metric tons (TMT), which were 67.7 above last week’s total but 57 percent below the four-week average of 207.1 TMT. New crop sales totaled 1,762.8 TMT, lifting total sales to 1,850.9 TMT. Combined crop year sales were four percent below last week’s total and exceeded analyst estimates that ranged from 1,000 to 1,800 TMT. 2019/20 export commitments finish the season 106 percent of the USDAforecast. Export sales are three percent below the 2018/19 crop year pace. Major purchases were reported for the Netherlands, China, and Germany.
Soybean meal sales for the 2019/20 marketing year of 113.7 TMT were 60.5 TMT over last week’s total and 22 percent over the prior four-week average of 93.5 TMT. New crop sales totaled 228.8 TMT, lifting total sales to 342.5 TMT. Combined crop year sales were 127 percent above last week’s…