Processing spreads reflect the economics of processing one commodity that trades on the futures exchange into others. In the oil market, the spread between the prices of crude oil and oil products is an example of a processing spread. Gasoline distillates are refined products of crude oil. At refineries, the crude oil is treated and heated to temperatures that create the fuels. The price relationship between the input and outputs can tell us a great deal about the supply and demand of the overall crude oil market.
In the world of soybeans, the raw oilseed