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North Dakota Soybean Growers Association vice president Ryan Pederson described efforts to build domestic soybean demand while exports to China are uncertain. A proposal would convert a Dickinson, North Dakota refinery to make renewable diesel from local soybean oil, potentially using about half the state's soybean oil output.
A new domestic renewable diesel outlet for soybean oil would absorb supply and could lift soybean oil and meal values if the plant is built.
rrfn.comDon WickDec 5, 2018After 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.
After 172 past bullish policy events, Soybean Meal moved a median +0.0% over 5 sessions (50% higher; middle half -1.5% to +1.7%), and -0.8% 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.
