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Biobased Diesel reports that CVR Energy is waiting to complete its Wynnewood renewable diesel hydrocracker conversion, which was planned for 100 million gallons a year from soybean oil. CEO David Lamp cited high RBD soybean oil feedstock prices, which had peaked near 69 cents a pound in May.
The delay reduces expected future demand for soybean oil from renewable diesel, which is mildly bearish for soybean oil. Lamp expects feedstock demand to grow as more plants are built, which keeps the longer-term outlook supportive.
biobased-diesel.comRon KotrbaAug 5, 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.
