Soybean Oil Drives RIN Values Higher
The USDA’s May WASDE report showed the growing demand within the biofuels industry for soybean oil as feedstock. Biodiesel production always relied on soybean oil providing more than 50 percent of all feedstock for production. Renewable diesel firms primarily gravitated to tallow, used cooking oil, and distillers’ corn oil. With the number of oil refiners switching assets to renewable diesel production, soybean oil demand has started to skyrocket.
This recent spike in demand was captured by the USDA, which forecast soybean oil use by biofuel producers to reach 12 billion pounds in the 2021/22 crop year, up from a projected 9.5 billion pounds in 2020/21. Soybean oil prices advanced five percent higher to 67.58 cents per pound for July futures delivery and is 154 percent above…
05.01.2024
Renewable diesel tops petroleum diesel as CA’s most blended diesel fuel in 2023
The consumption of renewable diesel (RD) in California reached a new milestone in 2023, with RD blending surpassing that of petroleum diesel for the first time. Data released on...
05.01.2024
Distillers’ corn oil production moves higher
Four cars of technical tallow traded lower on Wednesday May 1, down to 47 cents per lb Chicago basis.
Used cooking oil (UCO) and yellow grease traded...
05.01.2024
Animal protein prices steady amid avian flu outbreak
US animal protein prices were steady or up on Wednesday May 1 amid limited reported trade, with multiple market participants attending the Petfood Forum in Kansas City, Missouri, this...