SOURCE: U.S. Energy Information Administration
November 8, 2024
BY Erin Voegele
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The USDA released its latest Crop Production report on Nov. 8, reporting reduced forecasts for 2024 soybean production and yields. Both production and yields, however, are up significantly when compared to last year.
The USDA maintained its forecast for 2024-’25 soybean oil use in biofuel production in its latest World Agricultural Supply and Demand Estimates report, released Nov. 8. The U.S. season-average price for soybean oil was revised up 1 cent per pound.
ZeaKal on Oct. 30 announced that PhotoSeed has been validated as the first sustainability-embedded trait technology for agriculture. PhotoSeed enhances photosynthetic capacity, increasing soybean oil by 15%.
CVR Energy Inc. on Oct. 29 announced that the renewable diesel unit at its Wynnewood refinery in Oklahoma processed 19.6 million gallons of vegetable oil feedstock during the third quarter, down from 23.8 million gallons during the same period of 2023.
Phillips 66 on Oct. 29 reported that its renewable fuels segment was impacted by lower margins during Q3, but company officials expect margins to improve moving forward. The company also reported it began producing SAF in September.