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The price of feedstock is the largest expense facing biofuel producers and rising feedstock costs are having an impact. Soybean oil has been the most widely consumed feedstock, but canola oil demand has been on the rise due to a pathway creation into renewable diesel production. This has made it an increasingly popular feedstock for 2023.
Producers of biodiesel and renewable diesel consumed 9.1 billion pounds of soybean oil in 2021, 10.5 billion pounds in 2022, and are projected to use up to 13 billion pounds in 2023. Total feedstock consumption increased 21 percent in 2022 to 22.4 billion pounds and could rise 40 percent in 2023, to over 30 billion pounds.
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