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The National Oilseed Processors Association and the American Soybean Association praised a bipartisan Senate letter urging Treasury to finalize the Section 45Z credit before its January 1, 2025 deadline. The groups want the final rule to limit eligibility to fuels made from domestic feedstocks.
They said the US imported 7.4 billion pounds of used cooking oil and tallow from January 2023 to May 2024.
Restricting the credit to domestic feedstocks would shift biodiesel demand toward U.S. soybean oil and away from imported waste oils. The rule's timing and final terms will determine how much this affects soybean crush and oil prices.
nopa.orgJud AshmanJul 31, 2024After 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.
