U.S. soybean oil use expected to rise for biodiesel and decline slightly for food
Domestic use of soybean oil for 2011/12 is forecast to rise to 17.75 billion pounds from 16.6 billion this year. Nearly all of next year's gain is projected for the production of biodiesel, which has been accelerating quickly over the last few months. USDA forecasts that soybean oil used for methyl esters (biodiesel) will expand to 3.6 billion pounds in 2011/12 from 2.4 billion this season. This chart is from Oil Crops Outlook, OCS-11i, released September 13, 2011.
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