Distiller’s corn oil (DCO) prices fell Wednesday on continued pressure in the FOB truck market as well as from lower bids and trading into the Gulf market. Trades into the Gulf were done at 47.5 late yesterday and today and FOB values for truck trading were indicated broadly in a range of 40 – 44 cts/lb, but the bulk of verified action was within today’s printed ranges.
Soybean oil futures fell for the fifth consecutive session on the CME today, closing at a 45.37 for the May contract and 44.82 for the March. The slide in the soybean oil market coupled with negative pressure from the RINs market has contributed to the lower prices.
Continued, strong biofuel production and RIN generation has steadily eroded RIN values throughout much of 2023 and into 2024.
The drop in RIN values was accelerated on big production numbers against a relatively static RVO in the latter part of the third quarter of 2023.
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