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.
Corn
US corn sales for 2024/25 were reported at 535,100 tonnes in the week to September 19, down by 37% from the previous week and landing below the USDA’s expected range of 600,000-1.3 million tonnes, USDA data showed on Thursday September 26.
Much of the increase came from Colombia (168,200 tonnes), Mexico (160,700 tonnes), Japan (99,100 tonnes), Spain (60,500 tonnes) and Costa Rica (52,300 tonnes).
These gains were partly offset by reductions for unknown destinations (121,900 tonnes), Guatemala (8,300 tonnes) and China (7,000 tonnes). The USDA groups undisclosed destinations under the umbrella term “unknown.”
The accumulated export commitments reached 147.1% of the USDA forecast.
Exports of 1.1 million tonnes were primarily to Mexico (471,100 tonnes), Colombia (197,200 tonnes), Japan (193,100 tonnes), the Netherlands (69,700 tonnes) and Spain (60,500 tonnes).
Wheat