Prices for US renewable identification numbers (RINs) tumbled in the week to Friday August 16, due in part to ongoing robust generation under the Renewable Fuel Standard (RFS), another bearish indicator for the US soybean oil market.

Fastmarkets assessed the 2024 D4 RIN price, which relates to the supply of renewable diesel, at $0.5350-$0.5400 per RIN on Friday, down by over 12% week on week from $0.6125 per RIN on August 9.

RIN generation totaled 14.42 billion during January-July, up from 12.18 billion in January-June. The overall mandate calls for 21.54 billion RINs to be produced this year. The program is now 67% complete, with five months remaining in 2024. RIN production in July was 2.24 billion, up by 4.8% month on month and by 13% year on year.

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