Soybean Oil Drives RIN Values Higher
The USDA’s May WASDE report showed the growing demand within the biofuels industry for soybean oil as feedstock. Biodiesel production always relied on soybean oil providing more than 50 percent of all feedstock for production. Renewable diesel firms primarily gravitated to tallow, used cooking oil, and distillers’ corn oil. With the number of oil refiners switching assets to renewable diesel production, soybean oil demand has started to skyrocket.
This recent spike in demand was captured by the USDA, which forecast soybean oil use by biofuel producers to reach 12 billion pounds in the 2021/22 crop year, up from a projected 9.5 billion pounds in 2020/21. Soybean oil prices advanced five percent higher to 67.58 cents per pound for July futures delivery and is 154 percent above…
12.24.2024
Animal fats, oils markets quiet amid Christmas holiday
The US animal fats and oils markets remained steady on Tuesday December 24, amid limited trading due to the Christmas holidays.
Market sources expected activity to remain subdued...
12.24.2024
US November broiler, turkey slaughter down year on year
US animal protein prices were steady on Tuesday December 24, with limited volumes reported to have been traded. With the proximity of the end-of-year holidays, most market participants are...
12.24.2024
US weekly soybean, wheat export inspections rise, corn falls
Weekly export inspections
Export inspections of US grains showed a decline for corn but an increase for soybean and wheat in the week to December 19, according to data...