Cold, Winter Weather Impact January Soybean Crush
**Bob Lane was out of the office today and will return on Monday, March 4, 2024.**
U.S. soybean crushing volumes totaled 195 million bushels in January, the USDA reported on...
ULSD heating oil futures soared to an all-time high of $4.67 per gallon on Wednesday March 9. The Intraday high was 24 percent above the prior week’s close and helped propel biodiesel prices higher for the week. Margins benefitted from the runup in prices and hit levels not seen since November of last year.
Improved margins could be short lived as ULSD futures are falling as fast as the climbed. The intraday high reached on March 9 did not hold as values settled at $3.46 per gallon and continued falling through the week. The weekly closing price of $3.42 per gallon was nine percent below the prior week’s close and could signal some margin contraction for the week ahead if biodiesel prices continue to fall and soybean oil costs remain stable.
Central IL crude degummed soybean oil prices have increased from 56 cents per pound at the beginning of…