Once a surplus product looking for uses, soybean oil has become a sought-after renewable fuel feedstock. As demand for green energy options grows across the globe, production of lower-carbon fuels — specifically renewable diesel — is poised to skyrocket.
Renewable diesel production capacity nearly doubled, from 971 million gallons per year in May 2021 to 1.92 billion gallons in May 2022, according to the U.S. Energy Information Administration. Over that same period, there was little additional soybean oil supply available, so prices moved to historically high levels, says Todd Biedenfeld, director of vegetable oil and sunflower sales for CHS.
Today, 仅在中西部地区就有近12家新的大豆加工厂或工厂扩建正在进行中，甚至更多的新工厂正在规划中, he notes. “The soy crush market is trying to recalibrate itself, but we’re still seeing high values for both futures and basis. 这带来了可观的利润率，这些利润正被重新投资于行业扩张.”
Meeting soybean oil demand
在2021年收获季节，CHS完成了耗资1亿美元的明尼苏达州费尔蒙特(Fairmont)翻新工程.生产粗豆油的美国大豆加工厂将把年压榨能力扩大30%. Built in 2003, the plant operates around the clock, 平均每天接收350辆卡车，从工厂90英里半径内的种植者和合作社那里提取大豆, says Jim Graham, director of capital projects for CHS global grain and processing businesses.
Expansion is also underway at the CHS soybean refinery in Mankato, Minn. The plant is already one of the largest vegetable oil refineries in the U.S. “When all upgrades are completed later this year, 曼卡托工厂的年精炼大豆油产量将增加35%以上,” Graham says. “Our Mankato facility produces refined, bleached and deodorized soy oil for food-grade use, and our flour mill produces soy flour that is sold around the world.
“我们已经能够在不中断粉碎厂或炼油厂日常运营的情况下安排这次建设和改造,” he says. 费尔蒙特工厂生产的所有豆油都用卡车运到大约60英里外的曼卡托工厂进行精炼, Graham explains, making coordination of the two projects critical.
“With these expansions, CHS is well-positioned to meet the growing demand for soy oil,” says Darrin Carlson, director of oilseed crush at CHS. “CHS has been in the soy crush business for decades and we’re in it for the long haul. It has allowed us to capture the increase in margins that we’ve seen in recent years, 这也使我们处于一个很好的位置，可以探索未来的其他增长机会.”
Adding value for owners
自费尔蒙特工厂2004年开业以来，大豆生产商理查德·施塔德海姆(Richard Stadheim)已将他的大部分作物卖给了该工厂. “当CHS在明尼苏达州南部靠近种植者建立这个设施时，我真的很高兴. We’ve always hauled our beans there directly because it means more dollars in our pocket.”
Along with his two sons, Bennett and Garrett, Stadheim raises corn, soybeans and beef cattle near Albert Lea, Minn. He says he appreciates the recent Fairmont facility upgrades.
“现在卸货更容易了，我们通常在30分钟内进出. 那是一个非常好的设施，非常干净和高效，员工也很好共事. CHS should really be proud of that plant.”
Defining renewable fuels
A green tsunami is sweeping the globe and most corporations want to show they’re involved, says Joe Lardy, CHS research analyst. “We’re seeing environmental, social and governance [ESG] initiatives to reduce the carbon footprint of businesses, their processes and end products. Renewable fuels are a big part of that effort.”
A Low Carbon Fuel Standard (LCFS) has been enacted in three states — California, 俄勒冈州和华盛顿州以及其他州正在考虑类似的立法和标准. In 2022, the U.S. renewable diesel market was between 1.5 billion and 1.6 billion gallons, says Ron Batey, refined fuels pricing and economics director with CHS. “Forecasts say that by 2026, there will be an additional 1.仅在这三个州通过的LCFS立法就产生了10亿加仑的可再生柴油需求.
“Currently, 80% to 85% of all U.S.-produced renewable diesel is being used in California,” he says. “As of last summer, California had already replaced 45% of petroleum diesel used with biomass-based diesel. Washington began implementing similar LCFS legislation at the beginning of this year, with demand for renewable diesel there expected to increase quickly.”
Airlines are also looking for sustainable fuel, notes Lardy, and renewable diesel would be a logical feedstock. “当你开始把潜在需求加起来，即使只是在美国，它也是巨大的.”
To be considered renewable, a fuel must be produced from non-fossil feedstock, such as plants, animal fats or processing waste or byproducts. Ethanol led the way in biofuels, but that industry may have topped out, says Lardy.
“There’s a 10% blend wall for ethanol and a limit to how much more can be used,” he says, “so the energy industry has been looking at alternative feedstocks, such as soy oil, used cooking oil and even beef tallow. 大豆油为生产可再生生物柴油提供了最大的潜力，因为它已经是一种主要商品，而且它是可扩展的——我们可以生产更多.”
Renewable diesel burns cleaner than traditional biodiesel, which is a blend of renewable fuels and petroleum-based diesel. Renewable diesel is made only from renewables, so it’s more efficient and generates lower emissions, adds Biedenfeld. “From a use standpoint, there is no difference between renewable diesel and petroleum-based #2 diesel, so it’s considered a drop-in product. 这使得它成为满足一些州低碳要求的极具吸引力的燃料选择.”
What’s fueling policies?
在美国，有三个关键因素支持了可再生燃料政策激励措施的发展, according to Dan Mauer, CHS government affairs Washington, D.C., representative.
1) Environmental benefits
Renewable Fuel Standard regulations are administered by the U.S. Environmental Protection Agency (EPA) and mandate that a portion of U.S. motor fuel must be blended with renewable fuels to reduce greenhouse gas emissions.
2) Economic development
联邦生物柴油税收抵免于2004年建立，以使生物柴油与石油基燃料相比更具竞争力.
3) Energy security
在州一级制定的低碳燃料标准(LCFS)侧重于降低碳指数. California was the first to adopt this standard in 2009, and that standard is emerging as the favored approach in other states.
“2022年的《皇冠hga010安卓二维码》将可再生柴油的现行税收抵免延长至2024年，并从2025年开始建立清洁燃料生产税收抵免，这将简化基于生命周期碳减排的替代燃料资格, the bigger the tax credit,” explains Mauer.
所有可再生燃料政策都有一定程度的不确定性，因为它们取决于联邦和州立法机构的政治意愿, he notes, 但人们对可再生柴油作为一种可持续燃料抱有很大的热情，因为它可以帮助各州实现LCFS的目标. Soybean oil is going to be a critical feedstock in accomplishing that.”
Soybean meal conundrum
Historically, U.S. 大豆被碾碎主要是为了制作豆粕，豆粕占完整大豆的80%. 预计未来十年大豆压榨量将急剧增加，那么这些豆粕将何去何从?
Currently, about two-thirds of soybean meal produced in the U.S. is fed to U.S. livestock and about one-third is exported, says Carlson. With the projected increase in soybean crush to meet renewable diesel demand, more meal will likely be fed to U.S. livestock.
“Soybean meal is established globally as a premium protein source for feed. If it becomes more price-competitive, 它可以取代乙醇生产中的一些DDGS(用可溶物蒸馏干谷物),” says Carlson, 但美国也需要增加豆粕出口并寻找新市场.
“It doesn’t matter how high soybean oil prices get. Processors need to have a consistent market for soybean meal,” he adds. “Most plants have only a few days’ worth of meal storage on site. Railroads and trucks have to be moving that meal all the time in any weather. That will require additional investments in infrastructure throughout the country.”
处理所有这些额外的食物还需要扩大全国主要港口的出口设施, he adds. To help meet the need, CHS is expanding its Myrtle Grove, La., export terminal. The $105 million investment will include storage and handling upgrades, 这将增加农民所有者的市场准入，并帮助将30%的蒲式耳和副产品(如豆粕)通过该设施. Expected to be completed in late 2023, the construction project will bring total storage capacity to 850,000 bushels.
To further expand export capabilities, CHS recently announced intent to expand its TEMCO, LLC, joint venture operated with Cargill to include a terminal in Houston, Texas. Located 40 miles inland from the Gulf of Mexico via Galveston Bay, the added facility will provide shipping access for grains, oilseeds and byproducts through the Port of Houston.
Beyond beans
拜登菲尔德说:“由于豆油需求的增加，其他油料作物的产量也在上升。. In late 2022, 环保局批准菜籽油作为一种可再生原料，因为用菜籽油制成的柴油与标准柴油相比可以减少50%的排放. CHS在明尼苏达州北部拥有并经营一家油菜籽加工和精炼工厂, outside Hallock. Acquired in 2015, the plant processes 400,000 tons of canola seed annually.
“The margins are still higher selling canola oil into the food market, 但我们已经开始出售一些菜籽油，以换取可再生柴油，因为这些价格变得更具竞争力,” says Biedenfeld.
“As a company, CHS has a long history of supporting food processing sectors, and that’s not likely to change,” he adds. “Decades of experience in the oil seed industry, along with our recent expansions, make CHS well-equipped to help meet the needs of a growing renewable diesel market as well.”
