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Refined soybean oil FOB Chicago surged in March as tight nearby availability and a wave of competing demand pushed domestic bids sharply higher. Early March logistics constraints, winter rail bottlenecks that limited soybean arrivals to crushing hubs, kept crush supplies constrained, while mid-month policy and export moves amplified buying. The Environmental Protection Agency鈥檚 record-high **** Renewable Fuel Standard prompted renewable diesel refiners to secure extra feedstock, and brisk cargo interest from Mexico and South Korea accelerated soybean oil export shipments. Late-month strength in Chicago Board of Trade futures compounded soybean oil pressure on local offers, leaving buyers scrambling for prompt loads and lifting market sentiment through the close of March.
Sector dynamics explain much of the price jump. Renewable diesel refiners were the strongest driver as they intensified renewable diesel feedstock purchasing and targeted degummed soybean oil, supporting higher domestic FOB bids; demand from...
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