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EIA: US biofuel capacity remains steady in January

SOURCE: U.S. Energy Information Administration

April 1, 2024

BY Erin Voegele

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April WASDE maintains 2023-’24 forecast for soybean oil use in biofuel production

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By Erin Voegele

April 11, 2024

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The USDA maintained its forecast for 2023-’24 soybean oil use in biofuel production in its latest World Agricultural Supply and Demand Estimates report, released April 11. The forecasted price for soybean oil was also unchanged.

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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.

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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.

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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.

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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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