USDA increases estimates for 2022-’23 and 2023-’24 soybean oil use in biofuel production

September 12, 2024

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 Sept. 12. The estimates for 2022-’23 and 2023-’24 soybean oil use in biofuel production were revised up. 

The current soybean outlook for 2024-’25 is for lower beginning stocks, production and ending stocks. Lower beginning stocks reflect a slight increase to crush for 2023-’24. Soybean production for 2024-’25 is projected down 3 million bushels to 4.6 billion. With 2024-25 soybean crush and exports unchanged, ending stocks are projected at 550 million bushels, down 10 million bushels from last month. 

Advertisement

The USDA maintained its forecast that 14 billion pounds of soybean oil will go to biofuel production for 2024-’25. The agency now estimates 13 billion pounds of soybean oil will go to biofuel production for 2023-’24, up from last month’s estimate of 12.9 billion pounds. The USDA also revised up its estimate of 2022-’23 soybean oil use in biofuel production to 12.51 billion pounds, up from the August estimate of 12.491 billion pounds. 

The U.S. season-average soybean price forecast is unchanged at $10.80 per bushel. The soybean meal and soybean oil prices are also unchanged at $320 per short ton and 42 cents per pound, respectively. 

Advertisement

Foreign soybean production is raised 600,000 tons on higher production for Paraguay and Canada partly offset by lower output for the European Union and Serbia. Production for Paraguay is increased for 2022-‘23 through 2024-‘25 on higher area. Production in Paraguay for 2023-‘24 is raised to reflect the strong pace of exports and crush to date. 

Global soybean trade for 2024-‘25 is increased to 181.6 million tons on higher exports for Paraguay and imports for Argentina. Global soybean ending stocks are increased 300,000 tons to 134.6 million as higher stocks for Argentina and Canada are partly offset by lower stocks for the United States and the EU.

 

Related Stories

According to a new economic contribution study released by the Iowa Renewable Fuels Association on May 6, Iowa biofuels production has begun to reflect stagnant corn demand throughout the agriculture economy.

Read More

Repsol and Bunge on April 25 announced plans to incorporate the use of camelina and safflower feedstocks in the production of renewable fuels, including renewable diesel and sustainable aviation fuel (SAF).

Read More

U.S. operable biofuel capacity in February was unchanged from the previous month, according to data released by the U.S. EIA on April 30. Feedstock consumption for February was down when compared to both January 2025 and February 2024.

Read More

CARB on April 4 released a third set of proposed changes to the state’s LCFS. More than 80 public comments were filed ahead of an April 21 deadline, including those filed by representatives of the ethanol, biobased diesel and biogas industries.

Read More

The USDA on April 14 announced the cancellation of its Partnerships for Climate-Smart Commodities program. Select projects that meet certain requirements may continue under a new Advancing Markets for Producers initiative.

Read More

Upcoming Events

Sign up for our e-newsletter!

Advertisement

Advertisement