RIN prices have come down significantly in the last 9 months. To be competitive, biofuel producers need to be able to sell their fuels at the same price as conventional petroleum fuels. Typically, biofuels have higher costs of production than conventional fuels.
Soybean oil prices increased almost three times more in the summertime of 2021 compared to prices before 2021. Soybean meal price rose back to $493 per ton at the end of 2023, then fell back to $374 per ton in March 2024. Historically, a little over two thirds of the total value of soybean crush products came from soybean meal and the remaining one third came from soybean oil.
Agriculture is a favorite target among those looking for somewhere to place blame for greenhouse gas emissions. However, recent research from the Environmental Protection Agency (EPA) shows that agriculture has made more progress in cutting emissions than any other industry in the US.
Every 4-5 years our Team gets a wave of requests to estimate the economic contribution of agriculture for a number of organizations in many states in the Midwest and beyond.
