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.
Weekly average ethanol production in the US dropped to a four-month low of 994,000 barrels per day in the week to September 20, down by 55,000 bpd from a week earlier and down by 1.5% year on year, according to reports by the US Energy Information Administration (EIA) on Wednesday September 25.
Ethanol stocks totaled 23.52 million barrels, down by 261,000 barrels week on week but up by 6.7% year on year.
Demand for corn decreased by 5.2% from the previous week and by 1.5% year on year. Approximately 14.7 million bushels of corn per day were used for ethanol production.
Livestock feed production totaled 106,297 tonnes in the week to September 20. Distillers’ dried grain (DDG) production accounted for 94,537 tonnes, with the remaining amount consisting of 9,922 tonnes of corn gluten feed and 1,837 tonnes of corn gluten meal.
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