Thursday about mid-morning Gordy form Chiodo Commodities called and asked about biodiesel. Soybean oil futures on the CME were rocketing higher and all they could find out was it was something about demand for soybean oil to make biodiesel which produced much lower carbon emissions and cleaner air. I was not aware of any major breakthroughs with biodiesel as I was sure I would have received an email news release from the Minnesota Soybean Growers Association.
So, I called Mike Youngerberg with the Minnesota Soybean Growers Association. Mike’s official title is Senior Director Product Development and Commercialization but we just call him Mr. Biodiesel! Mike said the only think that has changed with biodiesel is a huge increase in demand because blending diesel fuel with higher blends of biodiesel decreases carbon dioxide emissions and almost no black smoke.
This big increase in demand for soybean oil to make biodiesel should be very good news for soybean growers! Click on the link and listen to Mike talk about biodiesel demand!