February WASDE maintains forecast for soybean oil prices

February 19, 2025

BY Erin Voegele

The USDA maintained its forecast for 2024-’25 soybean oil use in biofuel production in its latest World Agricultural Supply and Demand Estimates report, released Feb. 11. The outlook for soybean oil prices was also unchanged. 

According to the agency, current U.S. 2024-’25 soybean supply and use projections are unchanged from January. 

The USDA maintained its forecast that 13.6 billion pounds of soybean oil will go to biofuel production for 2024-’25, up from 12.989 billion pounds for 2023-’24 and 12.51 billion pounds for 2022-’23.

The season-average soybean price is projected at $10.10 per bushel, down 10 cents from last month. Soybean meal and oil prices are unchanged at $310 per short ton and 43 cents per pound, respectively.

Advertisement

Global 2024-‘25 soybean supply and use forecasts include lower production, higher use, and lower ending stocks. Production is reduced for Argentina and Paraguay due to persistent heat and dryness during January. Brazilian soybean production is unchanged at 169 million tons. Beneficial weather in the Center-West is boosting soybean prospects, but drier weather in the south accelerated soybean development at the expense of yields. 

Global soybean crush is raised on higher crush for Brazil. The increase is driven by favorable crush margins, strong biofuel demand, and the pace of soybean meal exports to date. Partially offsetting is lower soybean crush and soybean meal exports for Paraguay on lower supplies. With negligible changes to soybean exports, global ending stocks are reduced 4 million tons to 124.3 million on lower stocks for Argentina and Brazil.

Advertisement

Related Stories

China’s exports of used cooking oil (UCO) reached a record high in 2024 but fell sharply in December after the Chinese government eliminated the 13% export tax rebate for UCO, according to a report filed with the USDA.

Read More

Ash Creek Renewables, a portfolio company of Tailwater Capital LLC, on March 20 announced it has secured exclusive licensing rights from Montana State University for a new high-performance camelina seed variety.

Read More

Clean Fuels Alliance America on March 18 submitted comments supporting USDA on its Technical Guidelines for Climate-Smart Agriculture Crops Used as Biofuel Feedstocks Interim Rule and incorporation of USDA FD-CIC.

Read More

Japan-based Cosmo Oil Co. Ltd. on March 6 announced that construction is complete on a SAF located within the company’s existing Sakai refinery. The facility, operated by Saffaire Sky Energy LLC, is expected to begin supplying SAF in April.

Read More

Ethanol Producer Magazine announced this week the preliminary agenda for the 2025 International Fuel Ethanol Workshop & Expo (FEW) taking place June 9-11, 2025 at the CHI Health Center in Omaha, Nebraska.

Read More

Upcoming Events

Sign up for our e-newsletter!

Advertisement

Advertisement