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The ongoing expansion of US biofuel production continues to have cascading effects on the agricultural value chain, as supply aims to keep up with growing demand. Demand for renewable diesel feedstock has compounded historic vegetable oil inflation.
Soybean oil prices are at 12-year highs, with the increase in price outpacing that of soybean meal. As a result, soybean oil share the contribution of soybean oil value to the total margin from crushed soybean has risen to 40%-45% as compared with recent averages of 30%-35%, the US Soybean Export Council reports.
And in the coming two years, US production of vegetable-oil-based biofuels is expected to expand even further, increasing pressure on domestic and international stocks of vegetable oil. According to analyst estimates, US production of renewable diesel in particular is slated to almost quadruple from 2020 to 2022, going from approximately 550 million gallons (1.6 billion tonnes) to 2 billion gallons. Production in 2021 i
(NAFB) – The U.S. Soybean Export Council is continuing its work to develop new markets for U.S. soy.
One of those new regions is Sub-Saharan Africa, the area south of the Sahara Desert consisting of more than 50 countries. USSEC says the region demonstrates a lot of factors that make it a valuable potential soy market. There’s a growing population that exceeds one billion, and it’s expected to double in size by 2050. That makes Sub-Saharan Africa one of the most substantial “frontier markets” in the world. The economic conditions in the region are getting stronger, with the annual GDP growth rates between 2 and 6.5 percent.