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U.S. renewable diesel capacity rose to 2.134 billion gallons in August to October 2022, up 45 percent from the start of the year. USDA data showed November 2022 soybean crush at 5.7 million tons, down 3.6 percent from October, with inedible soybean oil use rising year over year.
Growing renewable diesel capacity is pulling a larger share of soybean oil into biofuels, which supports soybean oil prices while slower crush reduces meal output.
mckeany-flavell.comMarilyn AdutwumJan 6, 2023After 296 past bullish report events, Soybean Oil moved a median -0.0% over 5 sessions (49% higher; middle half -1.8% to +2.0%), and -0.5% over 20.
After 414 past bullish report events, Soybean Meal moved a median -0.1% over 5 sessions (48% higher; middle half -2.1% to +2.3%), and +0.3% 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.
