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Soybean oil prices rebounded after falling on EPA biofuel volumes that came in below expectations. Oil World reports that traders are focusing on rapid growth in US biodiesel and HVO output, which could reach a record 12.5 Mt this year, while Black Sea sunflower oil exports are declining and rapeseed prices rose on a projected 2023/24 production decline.
Expanding US renewable diesel and biodiesel demand supports soyoil and other vegetable oil prices, which in turn lifts the value of the oilseed crush and meal. Lower-than-expected EPA numbers had only a short-lived effect on the rebound.
tridge.comVictor LangatJul 5, 2023Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
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.
