Spot biodiesel values have lost 7cts over the past four sessions at the Chicago, New York, and Houston supply hubs in thin trade ahead of the July 4 extended weekend, pressured by a U.S. Department of Agriculture report showing record planted soybean acreage and falling NYMEX ULSD futures.
"Markets are dull as many people have taken the week off," said Pete Moss, president and biodiesel analyst for Memphis, Tennessee-based Frazier, Barnes and Associates. "Another weakening factor is the record soybean acreage report that has put a damper on Ag Commodities," he added.
The USDA crop report released Monday (6/30) showed soybean acreage was up "by more than 7.4 million acres, if realized" for the year to a record high 84.8 million acres.
As of early Thursday, spot biodiesel in Chicago and the New York Harbor was talked at a $3.63 to $3.73 bid/ask spread, down 7cts on the week, with Houston also down 7cts from prior Friday at $3.58 gallon.
Myke Feinman can be reached at email@example.com.
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© Copyright 2014 DTN/The Progressive Farmer. All rights reserved.