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EIA data showed biodiesel and renewable diesel producers used a record 1.14 billion pounds of soybean oil in May, the first month above 1 billion pounds. Renewable diesel accounted for 478 million pounds, and yellow grease and corn oil use also set records.
Record biofuel absorption of soybean oil tightens available supply for other uses and supports soybean oil prices, while the strong renewable diesel pull also lifts demand for feedstocks broadly.
mckeany-flavell.comBarbara BrodnitzAug 22, 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.
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.
