# Increased Renewable Diesel Production is Attracting Competition for Soybean Oil

> USDA's Fats and Oils report showed crude soybean oil production rose 3% on the month in September to 2.077 billion pounds. A DOE report showed 1.197 billion pounds of soybean oil were used for biofuels in August, with the June-August average up 37% from last year, driven by renewable diesel growth.

- Date: 2023-11-03 · published 2023-11-03T12:00:00.000Z
- Category: report · region US · magnitude medium
- Page: https://feedsoft.ai/events/15258-increased-renewable-diesel-production-is-attracting-competition-for-soybean-oil
- Commodities: [Soybean Oil](https://feedsoft.ai/c/SBO.md), [Soybeans](https://feedsoft.ai/c/SOY.md), [Canola Meal](https://feedsoft.ai/c/CANMEAL.md)

## Why it matters

Strong biofuel demand for soybean oil tightens the vegetable oil complex, supporting oil prices and the soybean meal byproduct balance. Competition from imports and other feedstocks is limiting further gains.

## Read by commodity

- SBO: bullish ▲
- SOY: bullish ▲
- CANMEAL: neutral

## 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 | 2023-12-21 | [Soybean Oil Rapidly Gaining Ground as Renewable Diesel Feedstock](https://feedsoft.ai/events/15252-soybean-oil-rapidly-gaining-ground-as-renewable-diesel-feedstock.md) | -2.6% | -3.6% |
| SBO | 2026-02-19 | [Soybean Oil Used for Biofuel Production Expected to Soar](https://feedsoft.ai/events/15047-soybean-oil-used-for-biofuel-production-expected-to-soar.md) | +2.7% | +1.3% |
| 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 | 2022-10-03 | [Renewable diesel demand could pressure soybean exports \| The Western Producer](https://feedsoft.ai/events/15363-renewable-diesel-demand-could-pressure-soybean-exports-the-western-producer.md) | +3.7% | +9.2% |
| SOY | 2023-12-21 | [Soybean Oil Rapidly Gaining Ground as Renewable Diesel Feedstock](https://feedsoft.ai/events/15252-soybean-oil-rapidly-gaining-ground-as-renewable-diesel-feedstock.md) | -0.2% | -6.4% |
| SOY | 2026-02-19 | [Soybean Oil Used for Biofuel Production Expected to Soar](https://feedsoft.ai/events/15047-soybean-oil-used-for-biofuel-production-expected-to-soar.md) | +1.3% | +2.5% |
| 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% |

## Sources

- dtnpf.com: https://www.dtnpf.com/agriculture/web/ag/news/article/2023/11/03/increased-renewable-diesel-soybean

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