Reported 28 days ago
Agriculture giants Cargill and Bunge are slowing their soybean purchases due to uncertainty surrounding US biofuels policy, particularly a new clean-fuel tax credit set to begin in January. This uncertainty is causing biofuels producers to hold off on soyoil purchases, impacting demand for soybeans. With the upcoming presidential elections and the unclear future of the 45Z credit, the industry faces a challenging environment. As a result, soybean supplies are being increasingly diverted to food export markets instead of renewable fuel production.
Source: YAHOO