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…
11.22.2024
Biodiesel margins rise, but window of opportunity limited
Biodiesel margins continued to rise during the week to Friday November 22. The bean oil/heating oil (BOHO) spread boosted margins by falling to its lowest level since August 27.
11.22.2024
Gulf prices average higher despite weeklong declines in SBO
For the week ended Friday November 22, packer bleachable fancy tallow (BFT) remained unchanged from the previous week’s average, while Gulf Coast-delivered tallow rose 2.7%, primarily...
11.22.2024
Bloodmeal largest price mover week on week; November cattle on feed higher
US animal protein prices were mixed to mostly higher for the week to Friday November 22, with only meat and bonemeal showing a slight price reduction due to tighter...