Argentine law cutting biodiesel blending seen weighing on soybean oil prices

In Argentina, Reuters reports Argentina’s soybean oil prices are expected to drop due to a new law passed by Congress that aims to cut the volume of biodiesel blended into diesel sold to the domestic public, increasing supply of the derivative of the oilseed. On Friday, the Argentine Congress approved a law that provides for a minimum use of biodiesel of 5% (which could fall to 3%) in diesel for sale to the public, from the previous 10%.