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NPR reports biodiesel and renewable diesel are booming in California, with almost a third of the state's diesel now biological in origin. A Youngstown baking company buyer says soybean oil prices have risen from 35 cents to almost a dollar per pound as crushers send oil to biodiesel.
Strong biofuel-driven demand for soybean oil and other oilseeds is pushing oil prices sharply higher and squeezing food users, supporting soybean complex prices.
npr.orgDan CharlesOct 28, 2021After 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.
After 223 past bearish policy events, Soybean Meal 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.
