# USDA maintains forecast for 2023-'24 soybean oil use in biofuel | Biodiesel Magazine

> USDA kept its forecast for soybean oil used in biofuel for the 2023-24 marketing year. The report confirmed the existing outlook without a change.

- Date: 2023-08-11 · published 2023-08-11T12:00:00.000Z
- Category: report · region US · magnitude low
- Page: https://feedsoft.ai/events/15284-usda-maintains-forecast-for-2023-24-soybean-oil-use-in-biofuel-biodiesel
- Commodities: [Soybean Oil](https://feedsoft.ai/c/SBO.md)

## Why it matters

A steady USDA biofuel use forecast means no new demand shock for soybean oil. Prices are likely to be driven by other factors.

## Read by commodity

- SBO: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| SBO | 2022-02-09 | [USDA maintains forecast for 2021-'22 soybean oil use in biofuel  \| Biodiesel Magazine](https://feedsoft.ai/events/15417-usda-maintains-forecast-for-2021-22-soybean-oil-use-in-biofuel-biodiesel.md) | -0.1% | +13.2% |
| SBO | 2022-10-12 | [USDA maintains forecast for soybean oil use in biofuel production \| Biodiesel Magazine](https://feedsoft.ai/events/15365-usda-maintains-forecast-for-soybean-oil-use-in-biofuel-production-biodiesel.md) | +0.8% | +8.6% |
| SBO | 2023-04-11 | [USDA maintains forecast for soybean oil use in biofuel production \| Biodiesel Magazine](https://feedsoft.ai/events/36472-usda-maintains-forecast-for-soybean-oil-use-in-biofuel-production-biodiesel.md) | +0.5% | -2.5% |
| SBO | 2023-12-08 | [WASDE maintains forecast for 2023-’24 soybean oil use in biofuel \| Biomass Magazine](https://feedsoft.ai/events/15255-wasde-maintains-forecast-for-2023-24-soybean-oil-use-in-biofuel-biomass-magazine.md) | -2.2% | -4.6% |
| SBO | 2024-04-11 | [April WASDE maintains 2023-’24 forecast for soybean oil use in biofuel production  \| Biodiesel Magazine](https://feedsoft.ai/events/30819-april-wasde-maintains-2023-24-forecast-for-soybean-oil-use-in-biofuel.md) | -5.2% | -7.3% |

## Sources

- biodieselmagazine.com: https://biodieselmagazine.com/articles/usda-maintains-forecast-for-2023-24-soybean-oil-use-in-biofuel-2518845

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