USDA boosts forecast for 2023-’24 soybean oil use in biofuel production

After 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.

• Sep 12, 2024USDA increases estimates for 2022-’23 and 2023-’24 soybean oil use in biofuel production | Biodiesel Magazine-0.0%
• May 12, 2022USDA: More soybean oil will go biofuel production in 2022-“23 | Biodiesel Magazine-4.9%
• Feb 26, 2025USDA predicts soybean oil use in biofuel production will increase in 2025-‘26 | Biodiesel Magazine-5.7%
• May 12, 2026May WASDE forecasts 25% increase in soybean oil use in biofuel for 2026-‘27 | Biodiesel Magazine+1.4%
• Jul 31, 2020US biodiesel production ticks up in May, soybean oil use hits 70% | Biodiesel Magazine+5.1%

After 747 past bullish report events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.1%), and +0.8% over 20.

• Feb 26, 2025USDA predicts soybean oil use in biofuel production will increase in 2025-‘26 | Biodiesel Magazine-4.6%
• Sep 13, 2023USDA Maintains 2023-'24 Forecast for Soybean Oil Use in Biofuel - World-Energy-1.2%
• Nov 28, 2023USDA increase estimate for 2022-’23 soybean oil use in biofuel | Biomass Magazine-1.8%
• Jun 11, 2026June WASDE increases estimate for 2025-’26 soybean use in biofuel production | Biomass Magazine+0.8%
• Aug 3, 2026US soybean oil use for biofuels production hits record high in May - Fastmarkets-1.0%