Crude prices shot higher as OPEC forecasted large expected cuts to oil investments that will likely ease production and reduce global crude supplies. Heating oil futures also reacted with an extremely solid move higher to the news. HO futures were up nearly six cents per gallon. The strong HO move was only offset on its effect to the BO-HO spread by a slightly softer rise in soybean oil futures. The BO-HO dropped nearly 4 cents to its lowest level since October 9th.
With the EPA expected to finalize the RVO figures by November 30th, obligated parties stepped in and provided a boost to biodiesel RINs. The B15’s jumped nearly 2.5 cents, trading as high as 57.5 cents on strong volume throughout the day. Ethanol RINs also worked their way higher, but did not advance as quickly as the bio RINs. This allowed the 2015 D4/D6 spread to expand to 16 cents.
05.03.2024
Biodiesel imports fall to 8-month low in March; exports rise to 3-month high
Biodiesel imported into the US fell in March for the first time in four months while biodiesel exported from the US reached a three-month high.
Import demand from...
05.03.2024
BFT, soybean oil weekly average prices tumble
For the week to Friday, prices were broadly lower compared with the prior week’s average. Packer bleachable fancy tallow was down by 2.2% from the prior week’s average on...
05.03.2024
US animal protein prices remain under pressure; soymeal rises
US animal protein prices were mixed in the week to Friday May 3 but showed no large movements, with multiple market participants traveling for the Petfood Forum in Kansas...