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USDA data show U.S. soybean oil domestic use for biofuels rose to 42 percent in the current marketing year, up from 37 percent, while exports fell to 5 percent. Industry officials expect the renewable diesel buildout to keep driving demand growth.
A larger share of soybean oil going to biofuels reduces exportable supply and supports soybean oil prices relative to meal.
harvest.newsKevin HughesMar 18, 2022After 842 past bullish policy events, Soybean Oil moved a median +0.2% over 5 sessions (52% higher; middle half -1.6% to +2.1%), and -0.5% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
