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Industry Updates

Keep up-to-date with the latest QUALISOY and U.S. Soy news.

Industry Updates

Stakeholders React To EPA Biodiesel Program

The October 2017 update focused on the Environmental Protection Agency’s (EPA) notification of reducing the biomass-based diesel and on the advanced biofuel volume requirements under the Renewable Fuel Standard. However, after numerous farm belt legislators were critical of this decision by EPA, the agency backed off those plans.1 In addition, the Commerce Department set higher-than-expected anti-dumping penalties against imported Argentine biodiesel.2

On November 9, 2017, the USDA issued its latest crop production estimates. Soybean production was hardly affected. It changed to a new record of 4,425 million bushels.The monthly USDA “World Agricultural Supply Demand Estimates” maintained a large projection for soybean oil usage as biodiesel feedstock this year (7 billion pounds); consequently, soybean oil stocks did not approach burdensome levels.4 Prices are forecast to be about two cents per pound higher compared to last year. 

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References
1 Jarrett Renshaw. “EPA Abandons Changes to U.S. Biofuel Program after Lawmaker Pressure.” Reuters. October 20, 2017. 
2 Eric Walsh. “U.S. Sets Antidumping Duties on Argentine, Indonesian Biodiesel.” Reuters. October 23, 2017.
3 “Crop Production.” United States Department of Agriculture. September 12, 2017.
4 “World Agricultural Supply Demand Estimates." United States Department of Agriculture. September 9, 2017.

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