May delivery soybean oil futures settled at $0.4466 per lb, down by 65 basis points per lb or 1.43%. The July soybean oil contract ended the session at $0.4527 per lb, declining by 61 basis points per lb or 1.33%.
Soybean oil is the most widely used feedstock in biomass-based diesel production, accounting for 35% of monthly usage. However, that figure has fallen year on year from 50% due to the increased use of other low-carbon intensive feedstocks such as animal fats, oils and greases.
Imports of fats and oils have climbed to record highs, while exports have fallen sharply, creating more flexibility for renewable diesel (RD) producers in sourcing feedstocks. The increased availability of alternative feedstocks and a record flow of vegetable oil imports have created competition for soybean oil and pressured soybean oil prices.
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