# Biofuel Canola OIl Demand Reaches Record Hight - The Jacobsen

> USDA data show U.S. biofuel policy has widened the gap between U.S. and world vegetable oil prices, cutting U.S. vegetable oil exports in 2022/23 and lifting imports to a record. Vegetable oil used for biofuel rose to about 19 billion pounds in 2022/23, up roughly 4.5 billion pounds from the prior year.

- Date: 2024-02-13 · published 2024-02-13T12:00:00.000Z
- Category: report · region US · magnitude low
- Page: https://feedsoft.ai/events/15240-biofuel-canola-oil-demand-reaches-record-hight-the-jacobsen
- Commodities: [Soybean Oil](https://feedsoft.ai/c/SBO.md), [Canola Meal](https://feedsoft.ai/c/CANMEAL.md), [Palm Oil](https://feedsoft.ai/c/PALMOIL.md)

## Why it matters

Strong biofuel demand absorbed vegetable oil supply and reshaped trade flows, supporting global vegetable oil prices; shifts in policy could alter this support.

## Read by commodity

- SBO: bullish ▲
- CANMEAL: bullish ▲
- PALMOIL: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| SBO | 2023-11-28 | [Grain Journal \| US canola oil consumption reaches another record high](https://feedsoft.ai/events/33281-grain-journal-us-canola-oil-consumption-reaches-another-record-high.md) | -1.5% | -4.8% |
| SBO | 2026-06-03 | [Biofuel Feedstock Demand Up 12% in March as Soybean Oil, Corn Oil Reach Record Highs: EIA - OPIS, A Dow Jones Company](https://feedsoft.ai/events/18890-biofuel-feedstock-demand-up-12-in-march-as-soybean-oil-corn-oil-reach-record.md) | -3.1% | -7.6% |
| SBO | 2026-05-20 | [Biofuel Policy Drives Soybean Oil Demand Higher Again - All Ag News](https://feedsoft.ai/events/15027-biofuel-policy-drives-soybean-oil-demand-higher-again-all-ag-news.md) | -2.3% | -4.5% |
| SBO | 2026-09-07 | [Soybean oil used to produce US biofuels reaches new record in June - Fastmarkets](https://feedsoft.ai/events/14991-soybean-oil-used-to-produce-us-biofuels-reaches-new-record-in-june-fastmarkets.md) | -2.6% | -5.2% |
| SBO | 2026-08-07 | [Biofuels Blast: Feedstock Demand Hits a Record as RVO Drives Production](https://feedsoft.ai/events/15005-biofuels-blast-feedstock-demand-hits-a-record-as-rvo-drives-production.md) | +0.6% | +4.3% |
| PALMOIL | 2024-12-19 | [US soybean oil sales plunge 91%, exports down 18% - The Jacobsen](https://feedsoft.ai/events/27050-us-soybean-oil-sales-plunge-91-exports-down-18-the-jacobsen.md) | -0.1% | -11.2% |
| PALMOIL | 2019-11-25 | [Record Canola Crush Reported for October](https://feedsoft.ai/events/56170-record-canola-crush-reported-for-october.md) | +3.4% | +9.1% |
| PALMOIL | 2025-04-11 | [Brazil's rising biodiesel demand restricts soybean oil exports](https://feedsoft.ai/events/25204-brazil-s-rising-biodiesel-demand-restricts-soybean-oil-exports.md) | -0.6% | -5.1% |

## Sources

- thejacobsen.com: https://thejacobsen.com/2024/02/13/biofuel-canola-oil-demand-reaches-record-hight/

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