U.S. biofuel policies had a strong impact on vegetable oil trade and demand during 2023. According to USDA data, U.S. biofuel policy “has created a wedge between U.S. prices and world prices, which has impacted global vegetable oil and processed oil trade volumes. U.S. vegetable oil exports in marketing year (MY) 2022/23 declined significantly while vegetable oil imports increased to a record high.”
Evolving state and federal biofuel policies, particularly regarding renewable diesel, have encouraged changes in feedstock consumption to produce larger volumes of renewable fuel and to produce more renewable fuel with lower greenhouse gas emissions. During the 2022/23 MY vegetable oil use for biofuel production is expected to be finalized in the 19 to 19.1 billion pounds range, up approximately 4.5 billion pounds for the 2021/22 MY.
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11.21.2024
Domestic US biodiesel blending helps lift October RFS RIN production
US domestic biodiesel blending of 147.5 million gallons in October produced a monthly high of 221.2 million renewable identification number (RIN) credits for January-October. This was 11.5% above September...
11.21.2024
CWG trades lower as broader animal fats markets hold steady
The US animal fats and oils markets held steady on Thursday November 21, with limited trading as attention shifted toward broader macroeconomic factors and...
11.21.2024
October commercial cattle, hog production above 2023
US animal protein prices were steady on Thursday November 21. Limited trade was reported from market sources due to the proximity of the extended Thanksgiving holiday weekend in the...