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.
Weekly average ethanol production in the United States totaled 1.038 million barrels per day in the week to October 4, up by 23,000 bpd from a week earlier and up by 3.4% year on year, according to reports by the US Energy Information Administration (EIA) on Wednesday October 9.
Ethanol stocks were 22.15 million barrels, down by 1.3 million barrels week on week but up by 2.9% year on year.
Demand for corn increased by 2.3% from the previous week and by 3.4% year on year. Approximately 15.37 million bushels of corn per day were used for ethanol production.
Livestock feed production totaled 111,002 tonnes in the week to October 4. Distillers’ dried grain (DDG) production accounted for 98,722 tonnes, with the remaining amount consisting of 10,361 tonnes of corn gluten feed and 1,919 tonnes of corn gluten meal.
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