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.
The USDA published the 31st crop progress report for the 2024 growing season on Monday October 28, covering data for the week to Sunday. Winter wheat crop conditions are now being reported and seem to be off to a weaker start than last year, mainly due to overly dry conditions in the southern Plains.
Corn
Corn harvest was reported at 81%, up by 16 percentage points week on week and up by 13 percentage points year on year.
Soybeans
Soybean harvest was reported at 89%, up by 8 percentage points week on week and up by 7 percentage points year on year.
Winter wheat
Winter wheat planting was reported at 80%, up by 7 percentage points from the previous week but down by 2 percentage points year on year.
Winter wheat emerged was reported at 56%, up by 10 percentage points week on week but down by 5 percentage points year on year.
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