By James Mintert and Michael Langemeier, Purdue Center for Commercial Agriculture
Farmers were asked several questions focused on renewable energy in March of 2023. When asked to look ahead five years, nearly half of respondents said they expected the renewable diesel industry to be larger than it is today, while only 25% expected growth in the ethanol industry.
When asked what impact they expect the renewable diesel industry to have on soybean prices over the upcoming five years, 39% of respondents predicted a price increase of up to $0.50 per bushel, 28% expected a price boost in a range of $0.50 -$1 per bushel, and 21% think there will be an increase of $1 or more per bushel.
Originally shared by Michigan Farm News, April 5, 2023. Edited for clarity and purpose July 28, 2023.