Is the USDA’s 2015/16 Projection for Soybean Oil Use Low?

The USDA’s latest 2015/16 crop year projection for soybean oil use is 5.4 billion pounds, according to the latest WASDE information. This is likely a number that is sufficiently large enough to cover the 2016 allotment of the 1.9 billion gallon 2016 D4 mandate (9 months) plus the three-month portion of the 2015 mandate of 1.73 billion gallons.

In each calendar year if we assume biodiesel imports to…