# USDA boosts forecast for 2023-’24 soybean oil use in biofuel production | Biodiesel Magazine

> The USDA raised its forecast for soybean oil used in biofuel production in the 2023-24 marketing year. The revision was published on January 12, 2024.

- Date: 2024-01-12 · published 2024-01-12T12:00:00.000Z
- Category: report · region US · magnitude medium
- Page: https://feedsoft.ai/events/15246-usda-boosts-forecast-for-2023-24-soybean-oil-use-in-biofuel-production
- Commodities: [Soybean Oil](https://feedsoft.ai/c/SBO.md), [Soybeans](https://feedsoft.ai/c/SOY.md)

## Why it matters

A higher USDA estimate of biofuel soybean oil use tightens the soybean oil balance sheet and supports soybean oil and soybean prices.

## Read by commodity

- SBO: bullish ▲
- SOY: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| SBO | 2024-09-12 | [USDA increases estimates for 2022-’23 and 2023-’24 soybean oil use in biofuel production  \| Biodiesel Magazine](https://feedsoft.ai/events/15188-usda-increases-estimates-for-2022-23-and-2023-24-soybean-oil-use-in-biofuel.md) | -0.0% | +3.5% |
| 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% |
| 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 | 2026-05-12 | [May WASDE forecasts 25% increase in soybean oil use in biofuel for 2026-‘27 \| Biodiesel Magazine](https://feedsoft.ai/events/15024-may-wasde-forecasts-25-increase-in-soybean-oil-use-in-biofuel-for-2026-27.md) | +1.4% | -2.2% |
| SBO | 2020-07-31 | [US biodiesel production ticks up in May, soybean oil use hits 70% \| Biodiesel Magazine](https://feedsoft.ai/events/52197-us-biodiesel-production-ticks-up-in-may-soybean-oil-use-hits-70-biodiesel.md) | +5.1% | +11.1% |
| SOY | 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) | -4.6% | -2.9% |
| SOY | 2023-09-13 | [USDA  Maintains 2023-'24 Forecast for Soybean Oil Use in Biofuel - World-Energy](https://feedsoft.ai/events/15275-usda-maintains-2023-24-forecast-for-soybean-oil-use-in-biofuel-world-energy.md) | -1.2% | -4.5% |
| SOY | 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) | -1.8% | -1.2% |

## Sources

- biodieselmagazine.com: https://biodieselmagazine.com/articles/usda-boosts-forecast-for-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.