# US soybean oil stocks to remain tight as biodiesel use grows - Fastmarkets

> Fastmarkets reports that CBOT soybean oil futures hit a record high in June 2021, more than doubling year-ago levels, while US cash basis for soybean oil reached historic highs. Renewable diesel plants are bidding up food-grade oil, and crushers find selling oil more profitable than running their own biodiesel plants.

- Date: 2021-07-26 · published 2021-07-26T12:00:00.000Z
- Category: market · region US · magnitude medium
- Page: https://feedsoft.ai/events/45929-us-soybean-oil-stocks-to-remain-tight-as-biodiesel-use-grows-fastmarkets
- 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

Diversion of soybean oil into renewable diesel tightens domestic supply, supporting soybean oil and soybean prices and crush margins, with the squeeze possibly persisting into early 2022.

## Read by commodity

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

## Sources

- fastmarkets.com: https://www.fastmarkets.com/insights/us-soybean-oil-stocks-to-remain-tight-as-biodiesel-use-grows/

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