03.14.2025
Sausage casings bulletin, March 14, 2025

Runner market commentary
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RINs tried to hold onto gains achieved over the past couple of weeks, showing some strength early on last week. By the time trading ended on Friday, biodiesel RINs had fallen six percent and ethanol RINs closed four percent lower on a week over week basis.
The 2021 biodiesel RIN settled at $1.49½, reaching a closing low not seen since April, while the 2021 ethanol RIN closed at $1.30, matching recent lows from two and three weeks ago. The spread between the two RIN classes remains around 19 cents, indicating a somewhat tight correlation between the two, as blend wall concerns regarding future blending requirements remain for the ethanol RIN.
The D6 ethanol RIN will trade near the D4 biomass-based diesel RIN when blend wall concerns exist regarding the D6. This happens it is believed enough D6 RINs cannot be produced to fulfill the implied ethanol mandate. During 2020,…