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Chevron and Bunge will explore low-carbon feedstocks and pretreatment options for renewable fuel production. Soybean oil prices have more than doubled in the past year, which has hampered some refiners' plans, and soybean oil is less lucrative than used cooking oil and animal tallow.
Refiners' search for cheaper, lower-carbon feedstocks could reduce future soybean oil demand from fuel, but in the near term high soybean oil prices reflect strong competition for the oil.
reuters.comLaura SanicolaSep 2, 2021After 81 past neutral trade events, Soybean Oil moved a median +0.3% over 5 sessions (56% higher; middle half -1.6% to +1.8%), and +0.9% over 20.
After 250 past neutral trade events, Soybeans moved a median +0.0% over 5 sessions (50% higher; middle half -1.4% to +1.6%), and -0.2% 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.
