Market Tone Remains Dull amid Diminished Demand

Market Tone Remains Dull amid Diminished Demand

**Please note – Ryan Standard was out of the office today.**

The market was quiet on Thursday, with few price changes reported. Participants continued to point to diminished demand from the biofuel sector. Trading has been limited by weakness in soybean oil, as well as diesel and renewable identification number (RIN) markets. 

The use of fats, oils and greases (FOGs) in biofuel production totaled 1.147 billion pounds in November 2023, down three percent on the month to a four-month low, according to the U.S. EIA’s latest Monthly Biofuels Capacity and Feedstocks Update released on January 31. 

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