The first quarter of the new year usually sees cyclically lower production. This has been true for most years, but not 2023 due to strong margins and a lot of additional renewable diesel capacity that came online at the end of 2022.
Expectations for Q1 2024 have been mixed. Several producers were announcing slower production runs for the first quarter just a few weeks back. The most cited reasons included poor margins and a surplus of RIN production.
Speaking with several producers earlier today, the sentiment has shifted. Nearly all of the producers surveyed either said they were already sold out through Q1, or they had January sold with no current expectations to reduce production.
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11.21.2024
Domestic US biodiesel blending helps lift October RFS RIN production
US domestic biodiesel blending of 147.5 million gallons in October produced a monthly high of 221.2 million renewable identification number (RIN) credits for January-October. This was 11.5% above September...
11.21.2024
CWG trades lower as broader animal fats markets hold steady
The US animal fats and oils markets held steady on Thursday November 21, with limited trading as attention shifted toward broader macroeconomic factors and...
11.21.2024
October commercial cattle, hog production above 2023
US animal protein prices were steady on Thursday November 21. Limited trade was reported from market sources due to the proximity of the extended Thanksgiving holiday weekend in the...