I don’t know all of the details but yes renewable diesel will be the new soy based diesel. They have developed the procedure to refine it in a regular refinery. 

This means that all of the available soybean oil that is available will be going for renewable fuel. This means that soybeans will most likely be priced on the oil rather then the meal. One of the reasons for this is that the big oil companies need a sustainable fuel to appease their stockholders. Also they are able to use older refineries to make renewable diesel.

For those that think the soybean checkoff is not doing anything, this fuel is a direct result of the checkoff. The last numbers I saw were that 40 cents of every bushel of beans sold was from biodiesel.