Strong Domestic Biofuel Production Elevates Soybean Oil Demand

Strong Domestic Biofuel Production Elevates Soybean Oil Demand

Domestic biodiesel and renewable diesel production has been extremely strong throughout 2023. Through October, the two fuels combined to produce 3.34 billion gallons of fuel, generating over 5.35 billion RINs within the Renewable Fuel Standard (RFS) program.

Domestic renewable diesel and biodiesel production over the first 10 months of the year exceeds full year 2022. RIN production, through October, is 9.5 percent above calendar year 2022 and has produced more than 27 percent the RFS RINs this year. Domestic RD and biodiesel blending is 37 percent stronger than it was year over year.

Strong production of these two fuels has led to increasing demand for soybean oil. Monthly soybean oil demand has averaged 1.07 billion pounds according to EIA feedstock data through August. Demand ranged from a low of 910 million pounds in February to a high of 1.273 billion pounds in July.

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