20 days ago • Posted by William Ramstein
Soybean oil hockey sticks and players adapt to Biden's green agenda
As President Joe Biden presses ahead with his green agenda, Cargill Inc. is investing $475 million to boost its capacity to process soybeans, key in producing the cooking oils used in renewable diesel. Rivals Archer-Daniels-Midland and Bunge Ltd are working on making plants more efficient, and Andersons Inc. set up a desk to trade feedstocks for the green fuel. The traders are targeting the growing market as American refiners including Phillips 66, Marathon Petroleum Corp., HollyFrontier Corp. and Valero Energy Corp. jump on the green diesel bandwagon.