April WASDE maintains 2023-’24 forecast for soybean oil use in biofuel production
April 11, 2024
BY Erin Voegele
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The U.S. Department of Energy will award up $18.8 million to address research and development (R&D) challenges in converting algae, such as seaweeds and other wet waste feedstocks, to biofuels and bioproducts.
The University of Missouri’s FAPRI in March released a report featuring 10-year baseline projections for U.S. agricultural markets that predicts renewable diesel and SAF production will grow over the next decade while biodiesel production declines.
U.S. biofuels operable production capacity was unchanged in January, according to data released by the U.S. Energy Information Administration on March 29. Total feedstock consumption was down when compared to the previous month.
The USDA’s National Agricultural Statistics Service is predicting a 3% increase in soybean planted area for 2024, according to the agency’s annual Prospective Plantings report, which was released March 28.
CoBank is predicting U.S. soybean crush capacity will expand 23% over the next three years. In a report released March 21, the company discusses the risk that this rapidly expanding capacity could exceed renewable diesel growth.
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