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.
Corn
US corn sales for 2024/25 were reported at 3.6 million tonnes in the week to October 17, up by 62% from the previous week and up noticeably from the prior four-week average, above the US Department of Agriculture’s expected range of 2.2 million-3.3 million tonnes, USDA data showed on Thursday October 24.
Much of the increase came from Mexico (1,679,800 tonnes), unknown destinations (1,153,900 tonnes), Japan (243,800 tonnes), Colombia (185,600 tonnes) and South Korea (135,000 tonnes). The USDA groups undisclosed destinations under the umbrella term “unknown.”
Export sales for the 2025/26 crop season totaled 581,200 tonnes, primarily for Mexico (579,200 tonnes) and unknown destinations (2,000 tonnes).
The accumulated export commitments reached 157.50% of the USDA forecast.
Exports of 999,000 tonnes were up by 99% from the previous week and by 4% from the prior four-week average.
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