# USDA increases estimates for 2022-’23 and 2023-’24 soybean oil use in biofuel production  | Biodiesel Magazine

> The USDA raised its estimates of soybean oil used in biofuel production for 2022-23 and 2023-24. The article text is limited to the headline and dateline.

- Date: 2024-09-12 · published 2024-09-12T12:00:00.000Z
- Category: report · region US · magnitude medium
- Page: https://feedsoft.ai/events/15188-usda-increases-estimates-for-2022-23-and-2023-24-soybean-oil-use-in-biofuel
- Commodities: [Soybean Oil](https://feedsoft.ai/c/SBO.md)

## Why it matters

Higher estimated biofuel use of soybean oil signals stronger domestic demand for soybean oil, which is supportive for soybean oil prices.

## Read by commodity

- SBO: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| SBO | 2023-11-28 | [USDA increase estimate for 2022-’23 soybean oil use in biofuel \| Biomass Magazine](https://feedsoft.ai/events/15262-usda-increase-estimate-for-2022-23-soybean-oil-use-in-biofuel-biomass-magazine.md) | -1.5% | -4.8% |
| SBO | 2024-01-12 | [USDA boosts forecast for 2023-’24 soybean oil use in biofuel production \| Biodiesel Magazine](https://feedsoft.ai/events/15246-usda-boosts-forecast-for-2023-24-soybean-oil-use-in-biofuel-production.md) | -0.1% | -4.0% |
| SBO | 2025-02-26 | [USDA predicts soybean oil use in biofuel production will increase in 2025-‘26 \| Biodiesel Magazine](https://feedsoft.ai/events/15143-usda-predicts-soybean-oil-use-in-biofuel-production-will-increase-in-2025-26.md) | -5.7% | -5.1% |
| SBO | 2026-06-11 | [June WASDE increases estimate for 2025-’26 soybean use in biofuel production  \| Biomass Magazine](https://feedsoft.ai/events/15021-june-wasde-increases-estimate-for-2025-26-soybean-use-in-biofuel-production.md) | -2.4% | -1.2% |
| SBO | 2022-05-12 | [USDA: More soybean oil will go biofuel production in 2022-“23 \| Biodiesel Magazine](https://feedsoft.ai/events/41485-usda-more-soybean-oil-will-go-biofuel-production-in-2022-23-biodiesel-magazine.md) | -4.9% | -5.6% |

## Sources

- biodieselmagazine.com: https://biodieselmagazine.com/articles/usda-increases-estimates-for-2022-23-and-2023-24-soybean-oil-use-in-biofuel-production

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.