US soybean oil demand moves up again in September as soybean oil stocks slide to 12-year low

Fastmarkets12:00

Data released by the National Oilseed Processors Association (NOPA) on October 15 showed that soybean oil stocks among members were down by 12.3% on the month to 1.05 billion pounds in September, from...

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NOPA members process about 99% of all US soybeans.\nIn the US, soybean oil is the primary vegetable oil feedstock used in the production of biomass-based diesel and renewable diesel fuel. Demand for soybean oil started to increase earlier in the year, particularly from the biofuel sector, amid increased clarity regarding the 45Z Clean Fuel Production Credit and the finalization of 2026-2027 Renewable Volume Obligations (RVOs) biofuel blending mandates.\nStill, in the last month or so, biofuel sector demand for soybean oil and other feedstocks slowed, market sources said, with several biofuel production plants reportedly offline for planned and unplanned maintenance at the US Gulf Coast and in the Midwest.\nThe latest NOPA data also showed that as US soybean oil stocks continued to decrease, soybean crush also extended lower in September, slipping to a 13-month low at 196.3 million bushels. The September crush was down by 4.4% from 205.456 million bushels in August.\nTrading sources attributed the sharp month-on-month decline in soybean crush to a normal seasonal slowdown in operations and a weather-related slowdown in processing across the western US Corn Belt. In the second half of September, crushers struggled to procure soybeans following heavy rains in parts of the Midwest that impacted soybean quality and caused harvest delays. Crushers in and around Iowa were the most impacted, with some running tight or out of soybeans, trading sources said.\nUS soybean crush hit record highs earlier this year amid solid processing margins and strong domestic soybean oil demand. The crush industry has been expanding since 2021, with the build-out progressing through facility upgrades and the construction of new plants to meet increased demand for soybean oil from the US biofuel and food and feed sectors.\nIn mid-September, CHS announced it would proceed with the construction of a proposed $770 million processing plant near Evansville, Wisconsin. The new facility will have the capacity to process 80 million bushels of soybeans each year. Completion is targeted for the fall of 2028.\n\nIn its monthly World Agricultural Supply and Demand Estimates (WASDE) released Friday October 9, USDA maintained its outlook for 2026-2027 US soybean oil consumption for biofuel production at 17.8 billion pounds. This is up by 22% from an expected 14.55 billion pounds in the 2025-2026 season. US soybean oil demand from all industry sectors was anticipated to reach 30.305 billion pounds in 2025-2026 and roughly 33.11 billion pounds in the 2026-2027 season.\nUSDA remains bullish on US soybean oil consumption heading into 2027 following the finalization of RVOs earlier this spring that expanded feedstock demand from the biofuel sector. Under the US Renewable Fuel Standard (RFS), obligated parties, which include oil refiners, must blend billions of gallons of biofuel into the US fuel mix or purchase Renewable Identification Numbers (RINs) from other blenders or producers each year.\nThe latest EMTS data showed the biomass-based diesel industry is ramping up production to meet the stronger renewable blending volumes established under Set 2. D4 RIN generation reached 753 million in September, up by 8.7% from August and by 13.7% from September 2025.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"isLaohu8Offline":false,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.50.1","shortVersion":"4.50.1","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2676683293","isCrawlerRequest":true}