December WASDE maintains outlook for 2025-’26 soybean oil use in biofuel production
The USDA maintained its outlook for 2025-’26 soybean oil use in biofuel production in its latest World Agricultural Supply and Demand Estimates report, released Dec. 9. The estimate for 2024-’25 soybean oil use in biofuel production was revised down.
The current 2025-’26 outlook for U.S. soybean supply, use and price is unchanged when compared to last month, according to the USDA. The season-average price for soybean oil received by producers remains at 53 cents per pound.
The USDA maintained its forecast that 15.5 billion pounds of soybean oil will go to biofuel production for 2025-’26. The agency now estimates 11.758 billion pounds of soybean oil went to biofuel production for 2024-’25, down from last month’s estimate of 11.9 billion pounds. An estimated 12.995 billion pounds of soybean oil went to biofuel production for 2023-’24.
The 2025-‘26 global soybean outlook includes higher production, increased crush, lower exports, and raised ending stocks. Global soybean production is increased 800,000 tons to 422.5 million, reflecting higher crops for Russia and India but lower output for Canada and Ukraine. Global soybean crush for 2025-‘26 is increased 300,000 tons to 365.2 million, mainly on higher supplies in Russia and India. Global soybean exports are lowered 300,000 tons on lower shipments for Ukraine and Benin. Imports are reduced for Japan, Russia, and Saudi Arabia but raised for Brazil. Global soybean ending stocks are increased 400,000 tons to 122.4 million, mainly on higher stocks for Brazil and Russia.
Further development of the grain and oilseed markets of Ukraine and the Black Sea region will be in the spotlight of the BLACK SEA GRAIN. KYIV conference, taking place on April 22–23 in Kyiv. The event will focus on strategic directions for the agricultural sector through 2030, including investments, energy independence, processing, and exports of high-value products.
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