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Balanced Reporting. Trusted Insights.
Tuesday, December 05, 2023
The USDA’s Economic Research Service on Thursday lowered its forecast for U.S. agricultural exports in fiscal year 2024 to $169.5 billion. That’s down $2.5 billion from USDA’s previous forecast in August and down $9.2 billion from exports in FY 2023.
Leaders of U.S. agribusiness giants expect the farm economy to remain relatively strong through next year despite higher interest rates and softening commodity markets.
Renewable diesel isn’t just the hottest biofuel on the market, it also is swiping a significant slice of corn ethanol’s share of the Renewable Fuel Standard, according to EPA.
House Republican leaders are looking to get their agenda back on track after a group of hard-line conservatives angry over the debt ceiling agreement effectively brought action in the chamber to a halt last week.
States on the East and West coasts are crafting policies to require higher biofuel blends in place of petroleum diesel, a step that renewable and biodiesel producers believe will continue to drive growth for their products.
The renewable diesel boom has fueled a surge in expected soybean crushing capacity and a need for more production of the crop, though the EPA’s proposed Renewable Fuel Standard volumes and declining credit values for California’s Low Carbon Fuel Standard may dampen the fledgling industry’s ambitions.
A consent decree between the Environmental Protection Agency and biofuel trade association Growth Energy has been modified to give the Biden administration until the end of November to finalize its proposal for upcoming renewable fuels blending requirements.
The Environmental Protection Agency is proposing to allow canola oil to be used as a feedstock for renewable diesel and sustainable aviation fuel, potentially providing a new alternative to soybeans at a time when vegetable oil prices are skyrocketing worldwide.
