DCO Production Falls on Lower Ethanol Ouput
Spot trading in the distiller’s corn oil (DCO) market was broadly higher today, although there was a trade at...
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BOHO & RINs Sprint Higher
Last week, money managers raised their net short position in Chicago Board of Trade (CBOT) soybean oil futures more than 10,000 contracts, reaching their most bearish oil stance since May 2019, according to a recent Reuters article. Weak soybean oil values helped drag the bean oil/heating oil (BOHO) spread to its lowest level last week since December 2019.
When money managers collectively aggregate so much pressure on one side of trade, it can potentially lead to short covering. The BOHO spread increased 37...
