An already weak soybean oil market was caught off-guard by the California Air Resources Board (CARB) announcement that it was considering placing a cap of 20% on the amount of soybean oil renewable fuel producers could use, should its amendments be passed.
CARB’s proposed regulations have not been finalized. Public comment is open until August 27.
The Chicago Board of Trade’s closing price for soybean oil posted a 44-month low of 39.47 cents per lb on Thursday August 15. Prices posted a modest gain on Friday August 16, closing at 39.95 cents per lb.
Falling soybean oil prices helped lower the bean oil/heating oil (BOHO) spread to a six-month low on Thursday. The BOHO spread closed 22% lower on the week and helped ease Renewable Identification Number (RIN) prices along the way.
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