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CVR Energy says it will delay the renewable fuel startup at its Wynnewood refinery while it selects technology to process lower carbon-intensity feedstocks. The company said it will mainly use soybean oil, which has risen 30% in price since early April.
A delay postpones a new source of soybean oil demand, which slightly eases pressure on soybean oil prices, though the feedstock choice still supports soybean oil use.
reuters.comLaura SanicolaMay 4, 2021After 13 past bearish logistics events, Soybean Oil moved a median +0.2% over 5 sessions (54% higher; middle half -1.3% to +3.0%), and +0.3% 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.
