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Chevron Renewable Energy Group's president described growth in the renewable fuels sector at the Iowa Soybean Association board meeting. The company is expanding its Geismar, Louisiana biorefinery to lift renewable diesel capacity to 340 million gallons a year in 2024.
Chevron is also seeking new oilseed feedstocks, including winter canola grown as a second crop in the southern Plains.
Expanding renewable diesel output supports demand for soybean oil, while new oilseed feedstocks such as winter canola could add supply. The net effect on oilseed prices is modest for now.
iasoybeans.comIowa Soybean AssociationDec 21, 2023After 842 past bullish policy events, Soybean Oil moved a median +0.2% over 5 sessions (52% higher; middle half -1.6% to +2.1%), and -0.5% 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.
