World vegetable oil prices were mixed to start the week. Global crude oil markets rallied on Monday amid worries that the conflict in Gaza could impact Middle East oil production. The upswing in crude oil markets initially swept palm oil and soybean oil futures higher. However, expectations of weaker soybean oil demand from the biofuel sector due to poor margins offered pressure and sent bean oil prices careening lower. Record production of biofuels is outpacing federal mandates, and this has been crushing Renewable Identification Numbers (RINs) prices.
On the CME in Chicago, the most widely traded soybean oil futures contract (December) ended below 54 cents per pound, at 53.93 cents per pound, down 142 basis points per pound, or 2.6 percent.
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04.30.2024
Biofuel feedstock demand rises while capacity declines: EIA
EIA Biofuels Capacity and Feedstock Update
The Energy Information Administration’s (EIA) Monthly Biofuels Capacity and Feedstocks Update, released on Tuesday April 30, showed that operable US biofuel capacity declined...
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