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45Z guidance shows positive outlook for the soybean industry
A director with the American Soybean Association says the U.S. Treasury Department’s decision to not allow imported used cooking oil to qualify for the clean fuels tax credit is a huge win for the soybean industry.
Eastern Iowa soybean farmer Dave Walton says the biodiesel industry adds value to each bushel of soybeans.
“Soybean oil as a feedstock has been threatened by vegetable oil,” he says. “It could have been disadvantaged in the marketplace, not necessarily shut out, but we could have lost volume in the marketplace.”
However, Walton says the soybean industry would like to have seen broader recommendations for the inclusion of USDA’s Climate Smart Agriculture programs.
“Initially, you had to no-till and use cover crops,” he says. “What we’ve asked for is for them to come up with a suite of things that you can use.”
Additional guidance from the U.S. Departments of Agriculture and Energy are expected to be released this week.
AUDIO: Dave Walton, ASA
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