# Soy oil demand soars amid renewable diesel growth | CHS Inc.

> Soybean oil has become a sought-after renewable diesel feedstock as renewable diesel production capacity nearly doubled between May 2021 and May 2022. Soybean oil supply did not keep pace, pushing prices to historically high levels and boosting crush margins. Nearly a dozen new or expanded soybean processing plants are underway in the Midwest.

- Date: 2023-02-27 · published 2023-02-27T12:00:00.000Z
- Category: policy · region US · magnitude medium
- Page: https://feedsoft.ai/events/15333-soy-oil-demand-soars-amid-renewable-diesel-growth-chs-inc
- Commodities: [Soybean Oil](https://feedsoft.ai/c/SBO.md), [Soybeans](https://feedsoft.ai/c/SOY.md), [Soybean Meal](https://feedsoft.ai/c/SBM.md)

## Why it matters

Strong renewable diesel demand for soybean oil keeps oil prices elevated and encourages crush expansion, which increases demand for soybeans and leaves more meal supply available.

## Read by commodity

- SBM: bearish ▼
- SBO: bullish ▲
- SOY: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| SBO | 2022-11-10 | [CHS sees 'bullish' demand in soybean oil, citing renewable diesel](https://feedsoft.ai/events/38751-chs-sees-bullish-demand-in-soybean-oil-citing-renewable-diesel.md) | -1.8% | -13.0% |
| SBO | 2023-08-11 | [EVs unlikely to derail growth in renewable diesel demand - RealAgriculture](https://feedsoft.ai/events/15286-evs-unlikely-to-derail-growth-in-renewable-diesel-demand-realagriculture.md) | +0.7% | -6.4% |
| SBO | 2022-03-25 | [Soybean oil demand will expand as renewable diesel emerges as ideal biofuel - Indiana Corn and Soy](https://feedsoft.ai/events/15407-soybean-oil-demand-will-expand-as-renewable-diesel-emerges-as-ideal-biofuel.md) | -2.1% | +274.5% |
| SBO | 2021-11-12 | [Fuel the Crush: Renewable Diesel Pumps Up Soybean Demand](https://feedsoft.ai/events/15432-fuel-the-crush-renewable-diesel-pumps-up-soybean-demand.md) | -0.4% | -5.6% |
| SBO | 2021-07-25 | [Soaring demand for soy renewable diesel will change markets - High Plains Journal](https://feedsoft.ai/events/45933-soaring-demand-for-soy-renewable-diesel-will-change-markets-high-plains-journal.md) | +0.1% | -10.5% |
| SOY | 2021-11-12 | [Fuel the Crush: Renewable Diesel Pumps Up Soybean Demand](https://feedsoft.ai/events/15432-fuel-the-crush-renewable-diesel-pumps-up-soybean-demand.md) | +4.4% | +4.6% |
| SOY | 2021-07-25 | [Soaring demand for soy renewable diesel will change markets - High Plains Journal](https://feedsoft.ai/events/45933-soaring-demand-for-soy-renewable-diesel-will-change-markets-high-plains-journal.md) | +1.0% | -7.7% |
| SOY | 2021-12-16 | [Renewable Diesel Plans Could Outstrip Soybean Acres, Soy Oil Supplies](https://feedsoft.ai/events/43698-renewable-diesel-plans-could-outstrip-soybean-acres-soy-oil-supplies.md) | +5.2% | +8.1% |

## Sources

- chsinc.com: https://www.chsinc.com/news-and-stories/2023/02/27/soy-oil-demand-soars

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