December WASDE maintains outlook for 2025-’26 soybean oil use in biofuel production

last month, according to the USDA. The season-average price for soybean oil received by producers remains at 53 cents per pound. The USDA maintained its forecast that 15.5 billion pounds of soybean oil will go to biofuel production for 2025-’26. The agency now estimates 11.758 billion pounds of soybean oil went to biofuel production for 2024-’25, down from last month’s estimate of 11.9 billion pounds. An estimated 12.995 billion pounds of soybean oil went to biofuel production for 2023-’24. The 2025-‘26 global soybean outlook includes higher production, increased crush, lower exports, and raised ending stocks. Global soybean production is increased 800,000 tons to 422.5 million, reflecting higher crops for Russia and India but lower output for Canada and Ukraine. Global soybean crush for 2025-‘26 is increased 300,000 tons to 365.2 million, mainly on higher supplies in Russia and India. Global soybean exports are lowered 300,000 tons on lower shipments for Ukraine and Benin. ...