# Grain Journal | US canola oil consumption reaches another record high

> USDA's Oil Crops Outlook raised its 2022-23 canola crush forecast to a record, lifting canola oil and meal output. Canola oil imports were revised up to a record 6.3 billion pounds, and USDA raised its soybean oil biofuel use estimate by 300 million pounds to 12.4 billion pounds.

- Date: 2023-11-28 · published 2023-11-28T12:00:00.000Z
- Category: report · region US · magnitude medium
- Page: https://feedsoft.ai/events/33281-grain-journal-us-canola-oil-consumption-reaches-another-record-high
- Commodities: [Canola Meal](https://feedsoft.ai/c/CANMEAL.md), [Soybean Oil](https://feedsoft.ai/c/SBO.md)

## Why it matters

Record crush adds canola meal supply, which is bearish for meal prices, while stronger biofuel demand for soybean oil supports vegetable oil prices.

## Read by commodity

- SBO: bullish ▲
- CANMEAL: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| SBO | 2024-02-13 | [Biofuel Canola OIl Demand Reaches Record Hight - The Jacobsen](https://feedsoft.ai/events/15240-biofuel-canola-oil-demand-reaches-record-hight-the-jacobsen.md) | -3.6% | -2.7% |
| SBO | 2021-08-12 | [Grain Journal \| USDA Oilseeds: World Markets and Trade (Aug. 12):…](https://feedsoft.ai/events/45662-grain-journal-usda-oilseeds-world-markets-and-trade-aug-12.md) | -2.3% | -9.7% |
| SBO | 2025-11-18 | [Grain prices soften on supply, while edible oils firm on strong consumption](https://feedsoft.ai/events/22033-grain-prices-soften-on-supply-while-edible-oils-firm-on-strong-consumption.md) | -2.4% | -4.4% |
| SBO | 2026-08-03 | [US soybean oil use for biofuels production hits record high in May - Fastmarkets](https://feedsoft.ai/events/14999-us-soybean-oil-use-for-biofuels-production-hits-record-high-in-may-fastmarkets.md) | +2.6% | -0.7% |
| SBO | 2025-12-01 | [US tallow, UCO consumption rebounds, soybean oil demand remains strong: EIA](https://feedsoft.ai/events/21601-us-tallow-uco-consumption-rebounds-soybean-oil-demand-remains-strong-eia.md) | +2.4% | -3.0% |

## Sources

- grainjournal.com: https://www.grainjournal.com/article/308436/us-canola-oil-consumption-reaches-another-record-high

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