World vegetable oil futures markets collapsed on Wednesday following the release of long-awaited but lower-than-expected final RVO mandates from the U.S. EPA. The soybean market sold off overnight, with July, August, and September soy oil futures in Chicago trading lock limit down as the market digested leaked RVO figures that showed marginal changes to the levels proposed in December 2022.
The EPA’s official final targets published early Wednesday included a modest increase in total renewable fuels for 2023 but an overall decrease for 2024 and 2025. Still, an increase in the biomass-based diesel category for 2024 and 2025, with soybean oil being the primary feedstock for production, was lower than the industry had hoped for.
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01.14.2025
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