Loading…
Marathon Petroleum and Archer-Daniels-Midland announced a joint venture to build a soybean processing complex in Spiritwood, North Dakota. The plant is expected to produce about 600 million pounds of refined soybean oil a year when completed in 2023.
All of its output will be sold exclusively to Marathon as renewable diesel feedstock.
Securing dedicated soybean oil demand from a large refiner adds to the pull on US soyoil supplies already tightened by biofuel use. That supports soybean oil prices and keeps crush margins firm.
reuters.comLaura SanicolaAug 19, 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.
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.
