Soybean oil futures closed higher on Thursday May 16 amid technical buying.

The US Environmental Protection Agency (EPA) released its April update on renewable fuel and Renewable Identification Number (RIN) generation under the Renewable Fuel Standard (RFS) on Thursday afternoon. Renewable diesel (RD) and RIN production showed a sharp increase from the month prior, a likely indicator feedstock demand will rise.

The April RIN increase can be attributed to the April 2 commencement of the Rodeo Renewed RD refinery. The Rodeo refinery is expected be the third largest RD facility in the US, with its operations consuming large additional quantities of feedstock in the production of fuel. The refinery is producing about 30,000 barrels per day of RD and is expected to produce over 50,000 bpd by the end of the second quarter.

…