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Shining Light on Farm & Food Policy for 20 Years.
Friday, August 16, 2024
The California Air Resources Board is proposing to cap the amount of renewable diesel made from soybean or canola oil that would qualify for the state’s low carbon fuel standard.
Producers of biodiesel and renewable diesel who say federal biofuel mandates have not been enough to expand their markets sufficiently face a new challenge at the end of the year — the expiration of a $1-a-gallon tax subsidy that has helped maintain the industry for several years.
The Environmental Protection Agency says it likely won’t finalize the biofuel usage mandates for 2026 until the end of next year, which is discouraging news for a sector that blames the existing renewable volume obligations for the collapse in credit prices that has hammered many producers.
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.
A policy-driven boom in U.S. renewable diesel demand that’s been underpinning much of the farm economy is showing signs of slowing as production exceeds the government’s usage mandates, but industry officials hope a new tax credit and a big new potential market in Canada will help put some sizzle back in the market.
Producers of renewable diesel and biodiesel are facing a “serious headwind” after the Environmental Protection Agency set usage mandates so low that they’re restraining demand for the biofuels, according to Donnell Rehagen, CEO of Clean Fuels Alliance America.
While some farmers are likely to see negative net cash farm incomes this year, many should have cash reserves from strong recent years to help carry them forward, a top ag economist says.
Kailee Tkacz Buller has been named the first female to serve as president and CEO of the National Oilseed Processors Association, filling the vacancy left by the departure of longtime leader Tom Hammer.
Global demand requires that the world add more than 20 million acres to crop production over the next five years, agricultural economist Dan Basse told attendees of the American Seed Trade Association’s annual field crop convention in Orlando Wednesday.
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.
