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Tidbits, Q&A: Fertilizers, Fuel Standards, Soybeans Correction, Markets & Rain Days Update 6/22/23

Highlights


If the front three contract months of any commodity futures settles limit up or limit down, the next day’s daily trading limit is expanded. Yesterday, soybean oil was limit-down in more than three months. That means the bean complex will have expanded limits today:

  • Soybeans: $1.60 a bushel

  • Bean meal: $45 a ton

  • Bean oil: 60¢ a pound


Yesterday, the EPA issued its Renewable Fuel Standards (RFS) mandate for 2023 through 2025 compliance years. The ethanol blending target was left unchanged at 15.0 billion gallons a year. However, the biodiesel blend target was very disappointing and far less than rumored. Soybean oil was down the daily trading limit yesterday and traders were buying soybean meal to spread against short soyoil. Bean meal was up the $30 daily limit in some months. Presently, about 60% of all US soybean oil goes to biodiesel and most of the rest goes to consumer goods and a growing percentage to SAF.

Senator Warnock of Georgia introduced on June 13th the Advancing Aviation Emissions Reduction Opportunities (AAERO) Act, which aims to streamline and alter some provisions of a sustainable aviation fuel (SAF) grant program and boost the program’s funding.

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