RINs Continue to Consolidate
RIN traders continue hold the belief EPA is not going lower 2021 blending requirements to the degree that would put ethanol production below the 10 percent blend wall for ethanol. Ethanol RINs remain highly correlated with biodiesel RINs indicating traders feel additional D4 production may be necessary to fill an ethanol RIN gap.
Biodiesel RINs finished the week at $1.93, one percent over values from a week ago and 236 percent above May 29, 2020. Ethanol RINs were unchanged for the week but 297 percent above levels at this time last year. The bean oil/heating oil (BOHO) spread edged fractionally lower as crude prices pushed four percent higher while soybean oil values held steady. The BOHO is 166 percent higher than it was a year ago.
Daily Charts
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04.22.2024
Animal fats and oils commentary: CWG prices fall on pressure from DCO
Steady slaughter levels, lower prices into the US Gulf for all feedstocks and lower prices for distillers’ corn oil (DCO) in the Midwestern markets have all weighed on the...
04.22.2024
Cattle slaughter more in line with 2023 as May nears
US cattle slaughter
Fastmarkets research forecasts cattle slaughter at 625,000 head in the week to Saturday April 27, less than half a percent lower than the same period in...
04.22.2024
Central Illinois soybean crush margins hit 5-week high
DDG prices remained steady in all regions on Monday April 22. Market sources said demand remains flat, and reported steady values that align with current price ranges.