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The California Air Resources Board approved a 20% cap on low carbon fuel standard credits for renewable diesel made from soybean, canola and sunflower oils despite industry objections. The board also approved amendments allowing it to stop accepting new biodiesel and renewable diesel pathways in 2031 if zero-emission targets are met.
The credit cap reduces demand for US-grown vegetable oils in California's renewable diesel market, which is bearish for soyoil and canola oil.
agri-pulse.comChloe LovejoyNov 9, 2024After 351 past bearish policy events, SBO moved a median -0.0% over 5 sessions (49% higher; middle half -1.7% to +1.8%), and -0.2% over 20.
After 369 past bearish policy events, SOY moved a median -0.2% over 5 sessions (46% higher; middle half -1.7% to +1.8%), and +0.8% over 20.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
