The USDA’s soybean oil ending stocks outlook for the 2022/23 crop season declined 159 million pounds to 1.6 billion pounds. The decline trickled through the 2023/24 crop season as well, lowering ending stocks there by 159 million pounds to 1.577 billion pounds. Increased soybean oil demand from the biofuel industry accounted for the largest segment of the decline.
USDA increased expected biofuel demand by 300 million pounds to 12.4 billion pounds. They also lowered soybean oil production 38 million pounds and increased exports by eight million pounds. Partially offsetting these moves was a slight increase in soybean oil imports and a decline in the domestic “food, feed and other” category.
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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...
11.21.2024
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...
11.21.2024
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...