# Soybean Oil Rises With More US Demand Forecast for Biofuels - Bloomberg

> Soybean oil futures in Chicago rose after reports that the Phillips 66 biofuels plant in Rodeo, California received environmental approval to start operating within weeks. Most-active soybean oil futures climbed 2.7%, their biggest daily gain since December 7.

- Date: 2024-01-22 · published 2024-01-22T12:00:00.000Z
- Category: policy · region US · magnitude medium
- Page: https://feedsoft.ai/events/32190-soybean-oil-rises-with-more-us-demand-forecast-for-biofuels-bloomberg
- Commodities: [Soybean Oil](https://feedsoft.ai/c/SBO.md), [Soybeans](https://feedsoft.ai/c/SOY.md)

## Why it matters

A new renewable diesel plant increases US biofuel demand for soybean oil, tightening supplies and supporting soyoil prices, which in turn can support soybean crush economics and meal supply.

## Read by commodity

- SBO: bullish ▲
- SOY: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| SBO | 2025-06-13 | [Soybean Oil Surges With Trump Plan to Boost US Biofuel Quotas - Bloomberg](https://feedsoft.ai/events/5338-soybean-oil-surges-with-trump-plan-to-boost-us-biofuel-quotas-bloomberg.md) | +10.1% | +8.6% |
| SBO | 2026-07-26 | [Biofuel Mandates Test Capacity and Soybean Oil Demand - RFD](https://feedsoft.ai/events/15007-biofuel-mandates-test-capacity-and-soybean-oil-demand-rfd.md) | -7.3% | -3.1% |
| SBO | 2026-10-20 | [U.S. Biofuel RIN Gap Keeps a Bid Under Soybean Oil Feedstock Demand](https://feedsoft.ai/events/14989-u-s-biofuel-rin-gap-keeps-a-bid-under-soybean-oil-feedstock-demand.md) | +0.2% | — |
| SBO | 2020-10-02 | [US Domestic Soybean Oil Demand Could Rise \| Feed & Grain](https://feedsoft.ai/events/50506-us-domestic-soybean-oil-demand-could-rise-feed-and-grain.md) | +1.8% | +1.3% |
| SBO | 2022-08-11 | [Vegetable oils: Supply stress and biofuel blending mandates drive demand for soybean oil - Fastmarkets](https://feedsoft.ai/events/40126-vegetable-oils-supply-stress-and-biofuel-blending-mandates-drive-demand-for.md) | -1.9% | +0.4% |
| SOY | 2025-06-13 | [Soybean Oil Surges With Trump Plan to Boost US Biofuel Quotas - Bloomberg](https://feedsoft.ai/events/5338-soybean-oil-surges-with-trump-plan-to-boost-us-biofuel-quotas-bloomberg.md) | +2.5% | -4.3% |
| SOY | 2022-11-30 | [Surging US Biofuel Production Stokes Soybean Crush Demand](https://feedsoft.ai/events/15357-surging-us-biofuel-production-stokes-soybean-crush-demand.md) | -0.3% | +3.2% |
| SOY | 2026-01-19 | [Soybean Oil Surges With US Biofuel Quotas Expected by March - Governors' Biofuels Coalition](https://feedsoft.ai/events/15061-soybean-oil-surges-with-us-biofuel-quotas-expected-by-march-governors-biofuels.md) | +0.4% | +7.2% |

## Sources

- bloomberg.com: https://www.bloomberg.com/news/articles/2024-01-22/china-s-corn-prices-tumble-to-three-year-low-on-ample-supplies

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