The grains market was caught off guard today when the USDA released their prospective planting estimates for corn and soybeans. Both came in well under market expectations, which led to limit up rallies in price for corn and soybeans.
The smaller planting outlook also further aggravated soybean oil prices into a 2.46 cents per pound rally of its own, pushing soybean oil prices for May delivery to 52.92 cents per pound. This happened as crude oil and ULSD values closed lower on the day. The bean oil/heating oil spread (BOHO) received a boost from the rise in soybean oil and closed 18 cents higher at $2.12 per gallon.
The rising BOHO spread snapped RIN values higher, with biodiesel RINs pushing eight cents higher on the day and threatening to re-test recent highs should soybean oil prices continue to rise.
&nbs…
04.30.2024
Biofuel feedstock demand rises while capacity declines: EIA
EIA Biofuels Capacity and Feedstock Update
The Energy Information Administration’s (EIA) Monthly Biofuels Capacity and Feedstocks Update, released on Tuesday April 30, showed that operable US biofuel capacity declined...
04.30.2024
Chicago edible tallow trades lower
The edible tallow price fell to 52 cents per lb Chicago basis on the afternoon of Tuesday April 30. Tallow trading was quiet outside of the edible tallow market.
04.30.2024
April animal protein values mixed month on month
US animal proteins prices were mostly steady on Tuesday April 30. Limited trade was again reported, with multiple market participants attending the Petfood Forum in Kansas City, Missouri, held...