USDA showed that the US imported 208Kt last Apr mostly from Germany and Spain as main suppliers bringing overall imports for first 4 months to 671kt. EPA registered biodiesel facilities in EU belonging to vegoil crushers taking advantage of RINs and BTC to improve their transformation margins and build GHG credits in Europe that they don't need to use for the US market. USDA also showed exports of 153kt for the first 4 months of 2024 with destination being mainly Canada and followed by Peru. D4 RINs in the US still stuck at 0.55 despite record imports and production. LCFS have been behaving much more logically than RINs and are now trading at $45/mt. Still think natural value of RINs should be more like 0.25 considering US production levels.
Biodiesel synthetic crush Margins still strong across the board.
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