Biodiesel Crush margins tanking, down >100% in last 3 months

Despite record crack margin for fossil fuel refiners nearly $46/barrel, biodiesel margins have been weakening at significant pace. There are few factors going on: 1/RINs value continue to weaken and 2/Renewable diesel over-production has been canibalizing Biodiesel production at a much greater pace than anticipated 3/EPA 3.5% adjustments to obligated volumes has had the effect of reducing the mandate https://www.biobased-diesel.com/post/epa-s-3-5-solution