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California Air Resources Board proposed on August 13 to cap soy- and canola-based biodiesel and renewable diesel credits at 20%, favoring electric vehicles and imported feedstocks. The rule would take effect January 1, 2028, and American farm groups warn it could push the market toward Chinese used cooking oil.
A cap on US soy and canola oil in California's clean fuel program would reduce domestic biofuel demand for soyoil and canola oil from 2028, a bearish factor for those oils.
ttnews.comNoël FletcherAug 28, 2024After 351 past bearish policy events, Soybean Oil 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, Soybeans 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.
