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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