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The USDA maintained its forecast for 2021-’22 soybean oil use in biofuel production in its latest World Agriculture Supply and Demand Estimates report, released on July 12. The expected price of soybean oil was lowered.
Soybean production is projected at 4.4. billion bushels for 2021-’22, unchanged from the June WASDE. Harvested areas, forecast at 86.7 million acres in the June Acreage report, is unchanged from last month, but up 4.4. million acres when compared to last year. The soybean yield forecast is unchanged at 50.8 bushels per acre. According to USDA, soybean supply and use forecasts are unchanged from last month.
The USDA currently predicts 12 billion ponds of soybean oil will go to biofuel production in 2021-’22, a forecast maintained from the June WASDE. Approximately 9.3 billion pounds of soybean oil went to biofuel production in 2020-’21, up from 8.658 billion pounds in 2019-’20.