05.17.2024
Uncertainty with 45z tax credit may affect Q1 2025 biofuel contracts
The expiring BTC provides a one dollar per gallon blenders credit up front with an additional 30 to 40 cents of credit to producers on the backend. Crimson...
**Please Note – Bob Lane was out of the office today and will return on December 23.**
ADM, Marathon Petroleum Close on Soybeanbean Oil Feedstock Venture
ADM and Marathon Petroleum Corp. recently closed on their previously announced joint venture to produce soybean oil to meet the fast-growing demand for renewable diesel. The joint venture, which will be known as Green Bison Soy Processing LLC, will own and operate a soybean processing complex in Spiritwood, North Dakota. ADM will own 75 percent of the venture, while Marathon Petroleum will own 25 percent.
Demand for renewable diesel in the U.S. is expected to exponentially grow in the coming years. Scheduled for completion in 2023, the $350-million Spiritwood facility will source and process local soybeans and supply the resulting soybean oil exclusively to Marathon Petroleum. Spiritwood will produce about 600 million pounds of refined soybean oil each year, enough feedstock…