Biofuel policies have had a growing impact on vegetable oil demand and trade flow over the past year. In December 2022 the EPA finalized a canola oil pathway allowing it to be used as a RIN generating feedstock in renewable diesel fuel production.
Renewable diesel capacity has expanded significantly, growing from approximately 785 million gallons at the end of 2021 to 3.8 billion gallons today. Feedstock concerns helped push EPA to approve the canola oil pathway. Growing biofuel demand has worked to shift trade patterns. According to the USDA, US vegetable oil exports have declined significantly, while vegetable oil imports increased to record levels.
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Gulf prices average higher despite weeklong declines in SBO
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