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The EIA projects US renewable diesel production capacity could rise from about 0.6 billion gallons per year at the end of 2020 to 5.1 billion gallons per year by 2024 if all announced projects proceed. Growth is driven by state and federal targets, tax credits and refinery conversions.
Rapid expansion of renewable diesel capacity increases future demand for vegetable oils and animal fats as feedstock, which supports soybean oil prices and reduces oil available for feed-related uses.
eia.govJul 29, 2021After 296 past bullish report events, Soybean Oil moved a median -0.0% over 5 sessions (49% higher; middle half -1.8% to +2.0%), and -0.5% over 20.
After 149 past bullish report events, Palm Oil moved a median +0.5% over 5 sessions (57% higher; middle half -1.1% to +1.8%), and +0.8% over 20.
After 22 past neutral report events, ULSD / Diesel moved a median -0.1% over 5 sessions (50% higher; middle half -3.5% to +2.7%), 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.
