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.
The 2021 ethanol RIN advanced to 196.25 cents while the 2021 biodiesel RIN held steady at 197 cents. The D4/D6 RIN spread narrowed to just over nine cents with the D6 RIN remaining tightly correlated to the D4. Without the 2021 RVO’s in place and no word yet on what 2022 might look like, questions remain on the amount of ethanol needed to meet the unknown RVO. If Ethanol alone cannot fulfill its portion of the mandate, the gap will fall to the D4 RIN…
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...