RD Demand for Soybean Oil Shifts Noticeably Lower in October

RD Demand for Soybean Oil Shifts Noticeably Lower in October

**In observance of the Martin Luther King Holiday, The Jacobsen will not publish Biodiesel Oil bulletin Monday, January 15.**

During October, there was a nine percent decline in domestic U.S. renewable diesel production while biodiesel production was nearly unchanged from September.

Overall biofuel demand for vegetable oils fell 11 percent to 1.996 billion pounds. October vegetable oil consumption was 243 million pounds below the 2.24 billion pounds consumed in September. Soybean oil, distillers’ corn oil, and canola oil were the primary vegetable oils consumed during the month.

Soybean oil use declined 12 percent, or 146 million pounds, in October, falling from 1.21 billion pounds to 1.06 billion. This was the largest monthly decline in soybean oil demand from the biofuel industry since January 2022. Ironically, the collapse was entirely within the renewable diesel segment, which saw demand fall 171 million pounds.

Membership is required to view the rest of this post.
Click here to learn more and sign up for a free 7-day trial!

Blog

03.01.2024

Cold, Winter Weather Impact January Soybean Crush

Cold, Winter Weather Impact January Soybean Crush

**Bob Lane was out of the office today and will return on Monday, March 4, 2024.**

U.S. soybean crushing volumes totaled 195 million bushels in January, the USDA reported on...

03.01.2024

Week Closes with Active Gulf Market

Week Closes with Active Gulf Market

Used cooking oil (UCO) traded as low as 39.5 cts/lb into the Gulf market with bids and offers heard in a wide range over the last 24 hours. Offers...

03.01.2024

Animal Proteins – Friday

Animal Proteins – Friday

The market was quiet today with no changes. 

Looking at the monthly averages in February, the markets were mixed in terms of price direction with intra-month volatility seen. 

Latest Tweets