The Treasury Department issued guidance this morning on the 45Z tax credit, which added some premium to soybean oil and reduced market uncertainty.

According to USDA’s monthly Fats & Oils report released Monday afternoon, soybean crushing in December stood at 229.84 million bushels, which was below trade expectations. However, it was 4.24 percent higher than November and 5.59 percent higher on a year-on-year basis. Since September, total crushing in the current marketing year has reached 891.58 million bushels, up 7.43 percent from the same period last year.

European Union soybean imports totaled 7.29 million metric tons from July 1 to February 1, which is down 1.33 million metric tons from the same period last year.