# US shifts to net soybean oil importer on biofuel boom: Foreign Agricultural Service

> The USDA Foreign Agricultural Service projected the US will become a net importer of soybean oil in marketing year 2023-24 for the second straight year. Domestic biofuel demand is raising soybean oil consumption estimates and reducing exports.

- Date: 2023-10-12 · published 2023-10-12T12:00:00.000Z
- Category: policy · region US · magnitude medium
- Page: https://feedsoft.ai/events/15267-us-shifts-to-net-soybean-oil-importer-on-biofuel-boom-foreign-agricultural
- Commodities: [Soybean Oil](https://feedsoft.ai/c/SBO.md)

## Why it matters

Rising domestic biofuel use pulls soybean oil supply away from export markets, supporting domestic soybean oil prices and tightening global vegetable oil availability.

## Read by commodity

- SBO: bullish ▲

## Linked price moves

| Commodity | Date | Window | Change % | z-score | Why linked |
| --- | --- | --- | --- | --- | --- |
| SBO | 2023-10-16 | 1 | +3.6% | 3.4 | The USDA FAS projection of the US as a net soyoil importer on biofuel demand, published Oct 12, points to tighter domestic supply and supports soyoil prices. |

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| SBO | 2026-04-28 | [Iran war's boost to biofuels lifts US agriculture giants' earnings \| Reuters](https://feedsoft.ai/events/12290-iran-war-s-boost-to-biofuels-lifts-us-agriculture-giants-earnings-reuters.md) | +3.1% | -2.5% |
| SBO | 2025-06-13 | [Soybean Oil Surges With Trump Plan to Boost US Biofuel Quotas - Bloomberg](https://feedsoft.ai/events/5338-soybean-oil-surges-with-trump-plan-to-boost-us-biofuel-quotas-bloomberg.md) | +10.1% | +8.6% |
| SBO | 2026-05-27 | [Biofuels give boost to soybean oil futures rally \| World Grain](https://feedsoft.ai/events/19353-biofuels-give-boost-to-soybean-oil-futures-rally-world-grain.md) | +2.2% | -3.6% |
| SBO | 2016-11-24 | [Soybean oil futures rose by 7% due to high biofuel](https://feedsoft.ai/events/6691-soybean-oil-futures-rose-by-7-due-to-high-biofuel.md) | +2.1% | -5.6% |
| SBO | 2025-04-22 | [US soybean oil market set to soar \| Food Business News](https://feedsoft.ai/events/25205-us-soybean-oil-market-set-to-soar-food-business-news.md) | +2.6% | +0.9% |

## Sources

- spglobal.com: https://www.spglobal.com/commodity-insights/en/news-research/latest-news/agriculture/101223-us-shifts-to-net-soybean-oil-importer-on-biofuel-boom-foreign-agricultural-service

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