RINs Continue to Consolidate
RIN traders continue hold the belief EPA is not going lower 2021 blending requirements to the degree that would put ethanol production below the 10 percent blend wall for ethanol. Ethanol RINs remain highly correlated with biodiesel RINs indicating traders feel additional D4 production may be necessary to fill an ethanol RIN gap.
Biodiesel RINs finished the week at $1.93, one percent over values from a week ago and 236 percent above May 29, 2020. Ethanol RINs were unchanged for the week but 297 percent above levels at this time last year. The bean oil/heating oil (BOHO) spread edged fractionally lower as crude prices pushed four percent higher while soybean oil values held steady. The BOHO is 166 percent higher than it was a year ago.
Daily Charts
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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.
11.22.2024
Gulf prices average higher despite weeklong declines in SBO
For the week ended Friday November 22, packer bleachable fancy tallow (BFT) remained unchanged from the previous week’s average, while Gulf Coast-delivered tallow rose 2.7%, primarily...
11.22.2024
Bloodmeal largest price mover week on week; November cattle on feed higher
US animal protein prices were mixed to mostly higher for the week to Friday November 22, with only meat and bonemeal showing a slight price reduction due to tighter...