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The average upper Midwest biodiesel price in early March 2023 was $5.848 per gallon, 0.5% below the prior week. Soybean oil fell more than 2% during the week, and feedstock costs dropped faster than biodiesel prices, improving production margins.
Demand from the renewable diesel sector was softer than expected.
Improving biodiesel margins can support soybean oil demand over time, but softer renewable diesel demand keeps feedstock prices under pressure. The net effect is mildly bearish for soyoil with limited shift in meal.
fastmarkets.comRobert LaneMar 8, 2023Not 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.
