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According to EIA data released October 30, US biofuel producers cut soybean oil consumption 17% month-on-month in August 2026, from 1.69 to 1.40 billion lb. Renewable diesel producers accounted for the sharpest drop, while canola oil use rose 15.5%.
Tallow and corn oil feedstock use also fell, and imports of waste oils and tallow remained high.
Lower US biofuel demand for soybean oil and high feedstock imports build inventories and weigh on domestic vegetable oil prices, while canola oil gains share in renewable diesel. Soymeal-linked crush economics are also affected, as bearish soyoil demand can weaken crush margins.
ukragroconsult.comNov 3, 2026After 146 past bearish report events, Soybean Oil moved a median -0.0% over 5 sessions (49% higher; middle half -1.8% to +1.9%), and +0.4% over 20.
After 788 past bearish report events, Soybeans moved a median -0.3% over 5 sessions (47% higher; middle half -2.0% to +1.5%), and -0.9% over 20.
Not enough comparable past events yet for a historical read.
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.
