NOPA Oct crush numbers (189.7 Mil bush or 5.1 Mil mt) don't lie and are fresh enough (monthly) to tell us what is happening on feedstock side of renewable diesel while we get production details on biodiesel/renewable diesel with almost 2 months delay. The latest crush data shows not only the highest US crush on record but also a draw in oil stocks down to 500Kt. Obviously the inverse in crush margin this quarter made this happen and is still 40 c/bushels through Mar24. It should be pointed out that this is not necessarily coming from oil share (36%) as crush was driven my meal but the low stocks of oil tell us where the product is going! Fortunately, we are seeing many new and expanded crushing plants to support renewable diesel.
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