Renewable Fuel Demand for Soy Oil Drives Record October Bean Crush

Renewable Fuel Demand for Soy Oil Drives Record October Bean Crush

The Jacobsen | 12.16.2021 | Jacobsen

Renewable Fuel Demand for Soy Oil Drives Record October Bean Crush

**Please note – Bob Lane was out of the office today and will return December 23rd.**

Strong demand for soybean oil from the renewable fuels sector drove record U.S. soybean crushing volumes in October, the USDA said in its recent monthly

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. US processors crushed a record 197 million bushels of soybeans in October, up about 500,000 bushels from the previous high recorded in October 2020. The figure equates to about 6.35 million bushels of soybeans crushed per day. The soybean oil extraction rate came in near an all-time high in October at 11.92 pounds per bushel. As a result, USDA hiked the 2021/22 soybean oil extraction rate from 11.66 pounds per bushel to 11.75 pounds per bushel. The agency also raised its production estimate by 200 million…

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