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A NOPA-commissioned S&P Global study finds U.S. oilseed production already exceeds EPA Renewable Fuel Standard volume obligations. In 2023, domestic and imported feedstocks supported 4.3 billion gallons of biomass-based diesel, above the 2023-2025 RVO targets.
Feedstocks could support 6.7 billion gallons by 2030 with planned crush expansion and imports.
Ample feedstock supply supports soybean oil and crush output, which weighs on oil prices unless biofuel mandates rise faster. Industry argues it can meet higher future RVOs, which tempers the upside case for soybean oil.
nopa.orgJul 30, 2024After 146 past bearish report events, Soybean Oil moved a median -0.0% over 5 sessions (49% higher; middle half -1.8% to +1.9%), and +0.4% over 20.
After 250 past neutral report events, Soybean Meal moved a median -0.1% over 5 sessions (49% higher; middle half -1.6% to +1.7%), and +0.4% 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.
