Trading at cash vegetable oil markets has slowed to a crawl. Indications have been under pressure amid a drop in feedstock demand, most notably from the biofuels sector. Renewable diesel (RD) margins have been squeezed, as Renewable Identification Number (RIN) markets have tumbled steadily. Robust biofuel production and RIN generation caused an erosion in RIN prices for most of 2023 and into 2024. This has been keeping downside pressure on most feedstock markets. Now, spot vegetable oil prices are struggling to compete against what have become cheaper-priced fat and low carbon intensity oil values.

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