The soybean oil/heating oil (BOHO) futures price spread narrowed in the week to Monday October 7 amid gains in the heating oil and soybean oil markets.
The BOHO spread was down by 17.5% week on week to $0.8797 per gallon on Monday.
The December soyoil contract closed the Monday session at $0.4457 per lb, up by $0.0060 per lb, or 1.36%, from a settlement of $0.4397 per lb on Friday October 4.
Since September 30, front-month soyoil futures increased by 2.4%, while ultra-low-sulfur diesel (ULSD) futures climbed by more than 12%, and this weighed on the BOHO spread.
Soybean oil is the most heavily used feedstock in the production of biomass-based diesel (BBD), and the BOHO spread serves as a proxy to measure the profitability of producing biodiesel from soybean oil.
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