07.05.2024
US BOHO spread rises 45%; RINs not keeping pace
The soybean oil/heating oil spread (BOHO) in the US rocketed 45% higher this week on rising soybean oil costs. The BOHO is a common metric used to gauge the...
The National Oilseed Processors Association (NOPA) reported a record-high May soybean crush at 183.63 million bushels. The crush was 8.4% above the April crush of 169.44 million bu and 3% over the 177.92 million bu crushed during May 2023.
The May crush was well above the average trade assessment of 178.4 million bu and near the top end of projections. Traders estimated a wide crush range, spanning from 171.4 million bu to 187.6 million bu.
The USDA June 2024 World Agriculture Supply and Demand estimate (WASDE) report lowered the 2023/24 crop season crush estimate by 10 million bu to 2.29 billion bu of soybeans and held the 2024/2025 crush estimate steady at 2.43 billion bu. The 2023/24 crush is expected to be 3.5% above the 2022/23 crush, and the 2024/25 crop season crush is forecast 5.4% over the 2023/2024 crush.
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