Biodiesel Activity

Crude oil dropped $1.69 per barrel to $58.and took heating oil along for the ride. HO fell more than five cents to 1.90 per gallon and helped push the bean oil/heating oil spread higher. Soybean oil futures did not follow the oil complex or soybeans lower. SBO moved 50 bps higher to 32.14 cents per pound. The combination of lower HO prices and higher SBO futures dimmed the biodiesel production outlook and sent the BO-HO spread nine cents higher to…