Volatility continues to reign with soybean oil (SBO) prices down limit today and buyers and sellers finding themselves far apart in a number of markets. Distillers corn oil (DCO) prices were flat today, but bids continued to fall through the afternoon as buyers watched the SBO and RIN markets trade lower. Bids were heard as low as 54 cents FOB ethanol plants today with offers as high as 60 cents for June/July shipment.
Ethanol production was lower last week, down to 1.025 million barrels per day in today’s EIA report. The Jacobsen estimates DCO production at 9.73 million pounds per day, down 3.9 percent from last week, and down 4.6 percent from the 2018/2019 average.
Figure 1.
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