Chevron and Bunge announced the signing of definitive transaction agreements to create their previously announced joint venture. The new venture will create renewable feedstocks leveraging Bunge’s expertise in oilseed processing and farmer relationships with Chevron’s expertise in fuels manufacturing and marketing, according to a press release on Bunge’s website. The agreements are subject to customary closing conditions, including regulatory approval.
Bunge’s soybean processing plants in Destrehan, Louisiana and Cairo, Illinois will be contributed to the joint venture with Chevron contributing approximately $600 million in cash. Plans include doubling the capacity of these facilities from 73.5 million bushels a year of soybeans crushed to 147 million bushels per year. Soybean oil production is expected to increase by approximately 300 million…
05.13.2024
US glycerin prices mostly steady amid increasing biodiesel production
Glycerin prices in the US were steady to slightly lower on Monday May 13. US biodiesel production has been increasing, boosting the supply of glycerin — a co-product of...
05.13.2024
Weekly cattle slaughter forecast to remain below 2023 levels into June
US cattle slaughter
Fastmarkets research team forecast cattle slaughter at 630,000 head in the week to Saturday May 18, down by 1.61% compared with the same period in 2023.
05.13.2024
Six-week hog slaughter forecast to be flat or up from 2023
US hog slaughter
Fastmarkets research team forecast hog slaughter at 2.425 million head in the week to Saturday May 18, up by 0.75% from the same period in 2023.