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Soybean oil prices slid so far that the Boho spread between heating oil blendstock and soyoil in Illinois fell to a 71-week low, dropping more than 25% over nine sessions. A record soybean harvest and expectations of larger US soybean plantings this year have weighed on soyoil, while shrinking heating oil stocks are pushing the heating oil side higher.
Soy oil is a major input for biodiesel, which makes up more than 55% of US output, so a weaker Boho spread cuts biodiesel margins and can reduce demand for soyoil. Lower soyoil prices also tend to weigh on crush economics and the value of soybean meal.
biofuelsdigest.comMeghan SappApr 6, 2017Not 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.
