Following several months of robust consumption, implied domestic demand for US soybean oil dropped back slightly in November 2024.
Figures released on Thursday January 2 by the USDA showed US soyoil stocks totaled 1.61 billion lb at the end of November. This was up by 2.5% from 1.57 billion lb at the end of October.
The increase in soybean oil stocks was largely expected by the market, since demand from the US biofuel sector started to trail off at the end of 2024 when producers started to slow and/or stop their purchases.
Soybean oil is the predominant feedstock used in the production of biomass-based diesel.
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