03.27.2024
Illinois Legislation Aims to Create a Clean Transportation Standard
Illinois is looking to become the fifth sate to create a clean fuel transportation standard. The Illinois version, if passed, may not be as robust as the ones...
Energy Rally Continues to Drive Soybean Oil Prices Higher
Vegetable oil futures rallied sharply on Tuesday, supported by the continued rally in energy prices. West Texas Intermediate (WTI) futures gained 2 1/2 percent on a robust rally in equities prices and reports suggesting countries in the Organization of Petroleum Exporting Countries (OPEC) would agree to the Russian government’s proposal to delay the implementation of a plan to boost output until January. The potential reduction in supply more than offset concerns about the impact of rising coronavirus cases worldwide and left the benchmark contract back above the 50-day moving average.
Soybean oil futures rose about 1 3/4 percent (December contract +59 basis points per pound) on the rally’s strength in energy prices and buying across the soybean complex. Fund liquidation of short oil share positions also…