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Reuters reports that CVR Energy has paused completing its renewable diesel conversion at the Wynnewood refinery because soybean oil feedstock prices have risen considerably. CEO David Lamp said the economics do not make sense for completing the conversion at this time.
The project pause removes a planned source of soybean oil demand, which is mildly bearish for soybean oil. The decision also shows that high feedstock prices are limiting renewable diesel expansion.
reuters.comAug 3, 2021Not 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.
