U.S. renewable diesel supply will more than double by 2024, according to Bunge
Ag commodities trader, Bunge, says demand for renewable diesel is up, and U.S. production capacity could more than double, hitting around 5 billion gallons by 2024.
Analysts with JP Morgan worry new biofuel levels, recently set by the EPA, could cause an oversupply of renewable diesel. Bunge executives say they are not worried because they have been analyzing the numbers for long-term growth.
Just recently, the company announced plans to expand soybean crush facilities in Illinois and Louisiana in an effort to produce more soy-based diesel.