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NPR reports that major oil companies are converting refineries to produce renewable diesel from soybean oil or beef tallow. The shift is raising cooking oil prices and encouraging farmers to plant more soybeans.
Renewable diesel conversions add structural demand for soyoil and tallow, supporting soybean and vegetable oil prices and pulling acreage toward soybeans.
wbur.orgDan Charles, NPRNov 3, 2021After 842 past bullish policy events, SBO 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, SOY moved a median +0.1% over 5 sessions (53% higher; middle half -1.2% to +2.3%), and -0.9% over 20.
After 223 past bearish policy events, SBM moved a median -0.3% over 5 sessions (45% higher; middle half -2.2% to +1.2%), and -0.6% 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.
