Monthly RIN generation under the Renewable Fuel Standard (RFS) for domestic renewable diesel production in the US has reached a 10-month low, according to data released by the counry’s Environmental Protection Agency (EPA) on Thursday June 20.

This could be a signal that demand for soybean oil is slowing.

RINs are renewable identification numbers used by the EPA to track the RFS compliance of obligated parties. RIN production during May fell by 34% to 315.6 million, a noticeable decline from the record 476.2 million RINs produced in April, and 18% below last year’s level of RIN generation.

Renewable diesel imports have remained in a tight range over the past three months, with RIN output trending below the 2023 pace. RD imports in May were 7% higher than in April but 47% below May 2023. RD imports may not effect domestic soybean oil demand but could signal a cooling in overall demand.

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