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 US was 1.08 million barrels per day in the week to Friday October 25, up by 1,000 bpd from a week earlier and up by 2.9% year on year, according to reports by the US Energy Information Administration (EIA) on Wednesday October 30.
Ethanol stocks dropped to a 10-month low of 21.77 million barrels, down by 452,000 barrels week on week but up by 3.6% year on year.
Demand for corn increased by 0.1% from the previous week and up by 2.9% year on year. Approximately 16.03 million bushels of corn per day were used for ethanol production.
Livestock feed production totaled 115,707 tonnes in the week to October 25. Distillers’ dried grain (DDG) production accounted for 102,907 tonnes, with the remaining amount consisting of 10,800 tonnes of corn gluten feed and 2,000 tonnes of corn gluten meal.
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