The USDA’s soybean oil ending stocks outlook for the 2022/23 crop season declined 159 million pounds to 1.6 billion pounds. The decline trickled through the 2023/24 crop season as well, lowering ending stocks there by 159 million pounds to 1.577 billion pounds. Increased soybean oil demand from the biofuel industry accounted for the largest segment of the decline.

USDA increased expected biofuel demand by 300 million pounds to 12.4 billion pounds. They also lowered soybean oil production 38 million pounds and increased exports by eight million pounds. Partially offsetting these moves was a slight increase in soybean oil imports and a decline in the domestic “food, feed and other” category.

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