Prices for US soybean oil continued to collapse this week ahead of the expiration of the Blenders’ Tax Credit (BTC) and an ongoing lack of guidance on its replacement, the 45Z Clean Fuel Production Credit (CFPC).
At the closing bell on Wednesday, January soybean oil futures in Chicago ended below $0.4000 per lb at $0.3955 per lb — the lowest level for a nearby contract since August 15. The contract was down by $0.0107 per lb, or 2.6%, from a settlement of $0.4062 per lb a day earlier.
Slated to go into effect on January 1, 2025, the CFPC will replace the existing $1-per-gallon BTC. Hopes for a last-minute delay in the implementation of the BTC were officially dashed since there was no language pertaining to an extension in a US Congressional spending bill unveiled on Tuesday December 17.
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