On November 18, the Brazilian National Energy Policy Council published a resolution to allow for the use of imported materials – either raw soybeans or soybean oil - in the production of biodiesel. Soybean oil prices have been spiraling, in correlation with fast dissipating product stocks. This policy move highlights the government’s rising concern about spiking consumer inflation. Notably, the resolution did not specify for how long the measure would be in effect, which injects a degree of uncertainty for importers considering sourcing soybeans and/or soybean oil. At this point, the market is ambivalent on whether the measure will elevate imports or push down prices.