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CoBank projects U.S. renewable diesel capacity could grow more than six-fold to 6.5 billion gallons per year by 2030 if announced projects proceed. The report says the Inflation Reduction Act will support biofuel growth and that soybean oil-based renewable diesel would require much more domestic crush.
Rapid growth in soybean oil demand for fuel would pull soybeans into crush and reduce export availability, tightening soybean and soybean oil balances and supporting prices.
cobank.comSep 27, 2022After 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.
After 356 past bullish policy events, Soybeans moved a median +0.1% over 5 sessions (53% higher; middle half -1.2% to +2.3%), and -0.9% 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.
