Soybean oil use in biodiesel production is growing. The Census Bureau reported methyl ester production at 254,476,000 pounds in June. That was down from 271,911,000 in May. There is one less day in June, and these numbers are subject to later revision. For the crop year, production totals over 1.7 billion pounds. If the latest monthly production pace continues, crop year production of methyl ester will exceed the USDA forecast of 2.4 billion. That will be over 10% of the total soybean oil supply. This remains a bullish factor for soybean oil.
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