
The California Air Resources Board proposes a 20% cap on renewable diesel made from soybean or canola oil that can qualify for the Low Carbon Fuel Standard, plus sustainability certification for corn and soybeans. Industry groups including Phillips 66, NATSO and SIGMA oppose the restrictions, with a hearing set for November 8.
A cap on soybean and canola oil credits would reduce biofuel feedstock demand in California, pressuring soybean oil and canola oil prices.
After 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.
Not enough comparable past events yet for a historical read.
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.
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.