Boosting Canada’s bio-based lubricant sector

Nov 28, 2018

Renewable Lubricants Inc. of Ohio will launch an Ontario subsidiary

Staff Writer

Farms.com

Canadian oilseed producers may soon have another local market for their crops, thanks to the launching of a new Ontario business.

Renewable Lubricants Inc. (RLI) of Ohio, a U.S. manufacturer of vegetable-oil-based lubricants, has formed a Canadian subsidiary that will be in Ontario, said a Tuesday Oilseed Innovation Partners (OIP) release.

RLI, with market and business development support from OIP, will operate as Renewable Lubricants Canada (RLC). RLC has established relationships in Ontario to help with product development and distribution.

RLC expects to be operational before the fall of 2019, creating ten new jobs in the process.

“The thrust of it is that the company is going to develop the market here, and it is currently a user of the used oils from oilseed,” Robert Roe, director of bioproduct commercialization, told Farms.com yesterday. RLI is “using Canadian feedstocks, like canola, in most of the products that it makes. This is an opportunity for us to use Canadian oilseeds in their products, in our market.”

RLI manufacturers environmentally friendly lubricants like greases, hydraulic fluids and engine oils.

“RLI is recognized as an undisputed leader in the North American bio-lubricant space and it is significant to have an American company decide to build a business here in Canada,” said Jeff Schmalz, OIP CEO, in the release. “This is a milestone in the development of a national bio-lubricant industry in our country.”

The Canadian biofuel industry wants to boost market demand for bio-based lubricants, which diminishes the environmental risks of petroleum-based products. The industry also wants to develop local operations.

DanielPrudek/iStock/Getty Images Plus photo

Video: U.S.-China Trade “Truce” + U.S. Fed Cuts Rates Again

The market was hoping for a US-China trade deal, but we got a trade “truce” for now from the keenly awaited Trump-Xi meeting at the APEC Summit.
China commits to minimum purchase commitments of 12 MMT of U.S. soybeans during the “current season” and a minimum of 25 MMT annually through 2028.
U.S. Treasury Sec Bessent said other Asian countries have agreed to buy additional 19 MMT of US soybean.
Soybean futures trading above $11 now- they normally tend to rally to $12.
As expected, US Fed cuts interest rates by -0.25% again in October to 3.75%–4.00%. No further cuts promised for this year but trade looking out to the Dec FOMC.
The Bank of Canada cut interest rates to 2.25% but raised concern over trade war damage.
Soy meal futures, remarkably, have had 14 consecutive higher close sessions. A bull market in soybeans is a bull market in soy meal!
Cattle futures lower as funds unwind out of cattle for now due to Trump headlines and objective to lower beef prices.
All major stock indices climb to new record highs. It was Mag 7 reporting week, which had mixed results. But we now have the first $5 trillion company in Nvidia!