In its December World Agricultural Supply and Demand Estimates (WASDE) released at noon on Friday, the USDA made no changes to its monthly U.S. soybean oil balance sheet projections. However, the agency did lower its forecast for the average U.S. soybean oil price by four cents to 57 cents per pound.
The USDA’s projection for domestic soybean oil exports for 2023/24 was steady at 350 million pounds, and its forecast for biofuel demand for the year was flat at 12.8 billion pounds. The agency also maintained its estimate for food and feed consumption for soybean oil in 2023/24 at 14.3 billion pounds, leaving the expected domestic usage of soybean oil for the marketing year at 27.1 billion pounds.
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