While much of the focus in the USDA WASDE reports centers on row crops such as corn and soybeans, the reports also help provide a snapshot of the situation for various products such as soybean oil. The most recent WASDE report for January helps to detail the current conditions for soybean oil production, supply, and use.
That is USDA World Agricultural Outlook Board Chair Mark Jekanowski who says biofuels production played a major role in the changes to this month’s soybean oil numbers.
Jekanowski is referring to the Environmental Protection Agency’s proposed 2026 and 2027 Renewable Volume Obligations under the Renewable Fuel Standard. The season ending average price for soybean oil was unchanged in the January WASDE report at 53 cents per pound.
