04.26.2024
P66 Rodeo to begin producing SAF in Q3
Phillips 66 brought its long-awaited Rodeo Renewable Energy Complex online during the first quarter of 2024, but it is not producing sustainable aviation fuel (SAF) yet, the company said...
Market Update
Another market rally was witnessed on the CME Wednesday with wheat futures showing a 9-year high, up by ₵31.75 to $8.76. The wheat market surged on the Russia-Ukraine conflict along with lower inventory levels on the US and Canadian markets. Corn futures were up ₵9.00 to $6.83, soybeans rose ₵40.00 higher to $16.75, and soybean meal increased $17.40 to $471.10.
Wheat midds moved up on the day with reports of active trading. Higher pricing was attributed to limited regional run-times on the back of President’s Day paired with higher corn pricing. Offerings out of Kansas were reported as limited when compared to other areas.
DDGs Significantly Higher than Previous Yearly Averages
The current monthly pricing on distiller dried grains (DDGs) out of Iowa as of February 22 is at $230.63/TON, a 20.6 percent climb over January. This significant gain can be attributed to limited offerings in the markets, active demand, and higher pricing on the…