Some of the excess soybean oil supply that has saturated the US interior cash market is being “cleaned up,” market sources indicated on Wednesday May 22.
Renewable diesel (RD) producers have reportedly “cleared” some of their stocks, with rumblings that some have started to wade back into the market for new supply.
Slower-than-expected feedstock demand growth from the US renewable fuel sector in the last year resulted in a build-up of domestic soybean oil supply that has crushed cash basis levels in the last few months.
Still, USDA expects that soybean oil demand from the biofuel industry will ramp up in the coming months, reaching 13 billion lbs during the 2023/24 crop season. Biofuel demand for soybean oil represents 48% of domestic soybean oil supply, but increased RD demand for the feedstock has the potential to increase this level further.
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