The soybean oil/heating oil (BOHO) futures spread narrowed in the week to Monday August 5 amid losses in soybean oil and heating oil prices.
US recession worries triggered a freefall across most global equity and commodity markets on Monday. September soybean oil futures settled down but off session lows, ending at $0.4109 per pound on Monday, down by 59 basis points, or 1.42%, from a close of $0.4168 per lb on Friday August 2.
Week on week, the BOHO spread declined by 6.72% to a one-month low of $0.7215 per gallon. The spread reached a six-month high in early July after soybean oil futures rallied.
Soybean oil is the most widely-used feedstock in the production of biomass-based diesel, and the BOHO spread is used as a proxy to measure the profitability of producing biodiesel from soybean oil. The higher the spread, the more costly production becomes, and vice versa.
…
11.21.2024
Domestic US biodiesel blending helps lift October RFS RIN production
US domestic biodiesel blending of 147.5 million gallons in October produced a monthly high of 221.2 million renewable identification number (RIN) credits for January-October. This was 11.5% above September...
11.21.2024
CWG trades lower as broader animal fats markets hold steady
The US animal fats and oils markets held steady on Thursday November 21, with limited trading as attention shifted toward broader macroeconomic factors and...
11.21.2024
October commercial cattle, hog production above 2023
US animal protein prices were steady on Thursday November 21. Limited trade was reported from market sources due to the proximity of the extended Thanksgiving holiday weekend in the...