# Drought, Biodiesel Impacting Soyoil Prices, Exports - Pro Farmer

> USDA projects soybean oil's share of global vegetable oil consumption will fall below 30% in 2022-23, the first time in nearly a decade. About 44% of U.S. soybean oil is forecast to go to biofuels, and Brazil has raised its biodiesel blend mandate to 12%.

- Date: 2023-04-12 · published 2023-04-12T12:00:00.000Z
- Category: policy · region Brazil · magnitude medium
- Page: https://feedsoft.ai/events/15318-drought-biodiesel-impacting-soyoil-prices-exports-pro-farmer
- Commodities: [Soybean Oil](https://feedsoft.ai/c/SBO.md)

## Why it matters

A higher Brazilian biodiesel blend absorbs more domestic soyoil and reduces exportable supply, while strong U.S. renewable diesel use makes U.S. soyoil uncompetitive abroad. Together these factors tighten global soyoil supply and support prices.

## Read by commodity

- SBO: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| SBO | 2024-02-21 | [Brazil’s Rising Biodiesel Mandate to Slow Soyoil Exports - AgWeb](https://feedsoft.ai/events/31770-brazil-s-rising-biodiesel-mandate-to-slow-soyoil-exports-agweb.md) | -1.9% | +4.7% |
| SBO | 2021-02-05 | [Iowa Farmers Press Importance of Biodiesel](https://feedsoft.ai/events/48512-iowa-farmers-press-importance-of-biodiesel.md) | +1.4% | +10.6% |
| SBO | 2024-01-11 | [Increasing biodiesel production impacting soybean markets – AgriNews](https://feedsoft.ai/events/15243-increasing-biodiesel-production-impacting-soybean-markets-agrinews.md) | +0.4% | -4.6% |
| SBO | 2023-12-22 | [Brazil's additional biodiesel demand to hit soyoil, soybean exports - analysts](https://feedsoft.ai/events/32777-brazil-s-additional-biodiesel-demand-to-hit-soyoil-soybean-exports-analysts.md) | -1.0% | -3.0% |
| SBO | 2021-01-26 | [U.S. soy oil plays vital role in biodiesel, export markets \| National \| farmweeknow.com](https://feedsoft.ai/events/49247-u-s-soy-oil-plays-vital-role-in-biodiesel-export-markets-national-farmweeknow.md) | +5.4% | +12.8% |

## Sources

- profarmer.com: https://www.profarmer.com/news/agriculture-news/drought-biodiesel-impacting-soyoil-prices-exports

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