Soybean oil pivoted higher, advancing 1.56 cents to 66.69 cents per pound for July delivery at the Chicago Board of Trade. Soybean oil prices hit a five-day high while heating oil values were largely unchanged. Soybean oil is up 142 percent in value from last year and today’s increase was enough to lift the bean oil/heating oil (BOHO) spread past the last two days of decline.
RINs failed to notice the increase in the BOHO spread as biodiesel RINs slipped a ½ cent in value with the 2021 RIN settling at $1.91. The market continues to seek clarity on what demand there will be from the market during 2021 and beyond. EPA has failed to deliver the 2021 RVO’s but has leaked that the next two years may look like 2020 in design.
This appears to be right out of the EPA’s 2013 playbook when RVO’s for 2013 were not delivered until August of…
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.
11.22.2024
Gulf prices average higher despite weeklong declines in SBO
For the week ended Friday November 22, packer bleachable fancy tallow (BFT) remained unchanged from the previous week’s average, while Gulf Coast-delivered tallow rose 2.7%, primarily...
11.22.2024
Bloodmeal largest price mover week on week; November cattle on feed higher
US animal protein prices were mixed to mostly higher for the week to Friday November 22, with only meat and bonemeal showing a slight price reduction due to tighter...