New California biofuel plant is spurring soybean prices higher
The increased demand for biofuels could send soybean prices higher.
California has plans for a new biofuel plant that would use waste oils, fats, and greases to produce 800 million gallons of renewable fuel each year. That includes renewable diesel, gasoline, and sustainable aviation fuel.
California has one of the most ambitious plans when it comes to reducing carbon emissions. Other states are likely to follow suit. Analysts say soybean prices have already reacted on the upside of the news of the plant.