# USDA  Maintains 2023-'24 Forecast for Soybean Oil Use in Biofuel - World-Energy

> USDA kept its 2023-24 soybean oil biofuel use forecast at 12.5 billion pounds in its September WASDE report. It raised its 2022-23 estimate to 11.8 billion pounds and cut soybean production, crush, exports and ending stocks.

- Date: 2023-09-13 · published 2023-09-13T12:00:00.000Z
- Category: report · region US · magnitude medium
- Page: https://feedsoft.ai/events/15275-usda-maintains-2023-24-forecast-for-soybean-oil-use-in-biofuel-world-energy
- Commodities: [Soybeans](https://feedsoft.ai/c/SOY.md), [Soybean Meal](https://feedsoft.ai/c/SBM.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md)

## Why it matters

Lower soybean supplies and stable biofuel demand support soybean and soybean oil prices, while the reduced crush forecast trims meal output.

## Read by commodity

- SBM: bullish ▲
- SBO: bullish ▲
- SOY: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| SOY | 2021-11-10 | [USDA maintains forecast for soybean oil use in biofuel 10.11.2021 - UkrAgroConsult](https://feedsoft.ai/events/15437-usda-maintains-forecast-for-soybean-oil-use-in-biofuel-10-11-2021-ukragroconsult.md) | +4.3% | +5.1% |
| SOY | 2024-01-12 | [USDA boosts forecast for 2023-’24 soybean oil use in biofuel production \| Biodiesel Magazine](https://feedsoft.ai/events/15246-usda-boosts-forecast-for-2023-24-soybean-oil-use-in-biofuel-production.md) | -1.5% | -3.9% |
| 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% |
| SOY | 2026-09-11 | [USDA: September WASDE increases estimate for 2025-’26 soybean oil use in biofuel \| Biomass Magazine](https://feedsoft.ai/events/14998-usda-september-wasde-increases-estimate-for-2025-26-soybean-oil-use-in-biofuel.md) | +0.3% | -2.2% |
| SOY | 2021-02-04 | [WASDE forecasts rise in use of soyabean oil in biodiesel](https://feedsoft.ai/events/48508-wasde-forecasts-rise-in-use-of-soyabean-oil-in-biodiesel.md) | -1.3% | +3.2% |
| SBM | 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) | -2.1% | +0.9% |
| SBM | 2026-01-13 | [USDA lifts 2025-26 soybean crush as tallow displaces soybean oil for biofuel \| Feed & Grain](https://feedsoft.ai/events/21144-usda-lifts-2025-26-soybean-crush-as-tallow-displaces-soybean-oil-for-biofuel.md) | -1.9% | +1.2% |
| SBM | 2019-06-12 | [USDA forecast for world soybean meal production reduced — Latifundist.com](https://feedsoft.ai/events/58656-usda-forecast-for-world-soybean-meal-production-reduced-latifundist-com.md) | +2.4% | -1.7% |

## Sources

- chemanalyst.com: https://www.chemanalyst.com/NewsAndDeals/NewsDetails/usda-continues-to-forecast-soybean-oil-use-in-biofuel-for-2023-2024-19630
- world-energy.org: https://www.world-energy.org/article/36344.html

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