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.
Ruminant MBM prices traded higher out of a number of markets today, pushing above the $300 level out of Illinois. Mixed species material remains anchored at the bottom but the wide spread adds risk for prices to move higher in the near term. Soybean meal recovered some of yesterday’s losses, settling up just over $2 on the December contract. At $376.90 for soybean meal, both ruminant and porcine MBM remain well valued versus soybean meal.
Figure 1.