Commodities
Cargill, Bunge Slow Soy Buying on Stalled US Biofuels Policy
- Industry awaits US guidance on clean fuel production credit
- Biofuels producers put off purchases of soyoil for next year
A truck filled with soybeans drives between storage bins at a grain elevator in Ohio, Illinois.
Photographer: Daniel Acker/BloombergThis article is for subscribers only.
Agriculture giants including Cargill Inc. and Bunge Global SA are slowing their buying of soybeans due to uncertainty over US biofuels policy.
The lack of guidance for a new clean-fuel tax credit is causing biofuels producers to put off some purchases of soyoil for early next year. That’s damping demand for soybeans, causing the giant crop traders to also rein in their buying, according to people familiar with the matter, who asked not to be identified discussing private information.