04.23.2024
Rising BOHO spread spurs RIN values higher
Despite the move higher, D4 RINs are down 2% in value from the previous week. RIN prices are receiving support from the rising bean oil/heating oil (BOHO) spread, which...
The US hide market had a slow trading day, as the winter snowstorm closed some processing plants down in the Midwest region of the country. The biggest challenge of container availability continues . The Hebei Province has extended their lockdown until February 25th, while other regions have already begun shutting down tanneries ahead of the holiday. Butt Branded Steers fell $1 on the light and regular weight categories on lower bids.
Federal Reserve Economic Data (FRED) Producer Price Indices (PPI) for hides and synthetic fibers were released for December at 64 points and 127 points, respectively. The PPI for hides ended the year on a strong note, the four quarter (Q4) averaged 64 percent over Q3 and December was the highest point since March of 2019. Hide prices had a similar U-shaped recovery. Heavy weight Heavy Native Steer (HNS-H) prices, for example, closed December at an average of $35.53, up from June’s low of $20.85 and trailing…