**Note – Amanda Luhavalja will be out of the office until Thursday March 21
USDA raised its canola oil production outlook to offset growing US domestic consumption. The crush forecast was raised to 4.5 billion pounds in part to satisfy growing biofuel demand within the US.
The Energy Information Administration (EIA) reported renewable diesel production from canola oil reached 193 million pounds in December, its highest monthly demand for the year. Biodiesel demand for canola oil was 150 million pounds in December. 3.38 billion pounds of canola oil was consumed during 2023 by the biofuel industry, which was 170 percent over reported 2022 canola oil demand.
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Fastmarkets' research team...