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Shining Light on Farm & Food Policy for 20 Years.
Saturday, July 27, 2024
The rising demand for renewable fuel and subsequent tax credits to incentivize production has led to a significant spike in imported feedstocks like used cooking oil and tallow, which some say could undermine the domestic oilseed industry and potentially allows some fraudulent materials to enter the market.
The renewable diesel boom driven by a slate of federal and state policies has brought with it a surge in demand for imports of animal fats and vegetable oils to be used as feedstocks that could continue growing in 2025 as tax credits shift to incentivize in-country production of the fuel.
Global prices for food commodities fell last month and ended the year 10% below their level in December 2022, the UN Food and Agriculture Organization reported Friday.
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.
The biofuel industry is growing optimistic that a broad range of agricultural feedstocks, including soybean oil, will be eligible for a valuable new tax credit that’s intended to stimulate production of sustainable aviation fuel.
Higher margins in its ag services and oilseeds business helped push ADM to an operating profit of about $6.5 billion for its fiscal year 2022, an increase of 41% over 2021.
It could take years for sustainable aviation fuels to take off despite significant, but temporary, new tax credits included in a newly enacted package of financial incentives intended to jump-start progress on the Biden administration’s climate goals.
In this opinion piece, several food industry associations argue that EPA’s proposed RVOs for advanced biodiesel would drive up food prices and negatively impact food supply.
