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USDA's Economic Research Service reports that renewable diesel production reached 2.3 billion gallons in 2022/23, surpassing biodiesel for the first time. Total biomass-based diesel output hit an all-time high.
The share of US soybean oil used for biofuel rose to 46% in 2022/23.
Nearly half of US soybean oil now goes to biofuel, so demand for soybean oil is closely tied to biofuel output. This structural shift supports soybean oil prices.
ers.usda.govMay 28, 2024After 296 past bullish report events, Soybean Oil moved a median -0.0% over 5 sessions (49% higher; middle half -1.8% to +2.0%), and -0.5% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
