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USDA maintains 2023-’24 forecast for soybean oil use in biofuel

November 28, 2023

BY Erin Voegele

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USDA: Growth in US renewable diesel production impacts global feedstock trade

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The USDA Foreign Agricultural Service on June 11 published a report discussing how the recent boom in U.S. renewable diesel production has caused market-altering shifts to both foreign and domestic feedstock trade.

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The U.S. EPA on May 22 announced it has approved a RFS pathway for BP’s Cherry Point refinery in Blaine, Washington, that will allow the facility to generate D5 advanced biofuel RINs for renewable diesel produced via the coprocessing of carinata oil.

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Comstock Inc. on June 10 announced advances on amended agreements with RenFuel K2B AB \ involving the development of RenFuel’s pre-existing, planned biorefinery project at a pulp and paper mill in Sweden.

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A bipartisan group of 18 senators on June 11 sent a letter to U.S. EPA Administrator Michael Regan urging the agency to boost RFS renewable volume requirements (RVOs) for biomass-based diesel and advanced biofuels in its upcoming 2026 rulemaking.

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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 June 12. The overall 2024-’25 outlook for soybeans includes higher beginning and ending stocks.

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