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CME ULSD futures closed at their lowest level since December 2021 on August 28, while soybean oil futures posted their highest close in two weeks. The combination lifted the bean oil/heating oil (BOHO) spread to a one-month high, and RIN prices rose to about 57 cents.
Lower diesel weakens the relative economics of renewable fuels, but a wider BOHO spread and higher RINs support soybean oil demand for biodiesel, which tends to lift crush margins and meal output.
thejacobsen.comAlexandra WattsAug 28, 2024Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
