The USDA released the World Agricultural Supply and Demand Estimates (WASDE) on Wednesday June 12, showing that the biofuel industry’s appetite for soybean oil is expected to rise over the 2024/25 crop season. The May WASDE report raised the biofuel demand forecast for soybean oil by 1 billion lb to 14 billion lb, and the June WASDE pegged biofuel demand at 50% of domestic supply.
The biofuel industry has been claiming a larger portion of domestic soybean oil supply in recent years. In 2018, US biofuel demand for soybean oil was 34% of domestic supply; the June WASDE report forecasts it at 50% for the 2024/25 crop season.
The USDA’s Foreign Agricultural Service (FAS) released a report on Wednesday titled “US Renewable Diesel Production Growth Drastically impacts Global Feedstock Trade.”
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11.21.2024
Domestic US biodiesel blending helps lift October RFS RIN production
US domestic biodiesel blending of 147.5 million gallons in October produced a monthly high of 221.2 million renewable identification number (RIN) credits for January-October. This was 11.5% above September...
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CWG trades lower as broader animal fats markets hold steady
The US animal fats and oils markets held steady on Thursday November 21, with limited trading as attention shifted toward broader macroeconomic factors and...
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October commercial cattle, hog production above 2023
US animal protein prices were steady on Thursday November 21. Limited trade was reported from market sources due to the proximity of the extended Thanksgiving holiday weekend in the...