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USDA revises down forecast for soybean production, yields

November 8, 2024

BY Erin Voegele

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November WASDE maintains forecast for 2024-’25 soybean oil use in biofuel production

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By Erin Voegele

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The USDA maintained its forecast for 2024-’25 soybean oil use in biofuel production in its latest World Agricultural Supply and Demand Estimates report, released Nov. 8. The U.S. season-average price for soybean oil was revised up 1 cent per pound.

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U.S. operable biofuels capacity was at 24.9 billion gallons per year in August, down slightly from the previous month, according to data released by the U.S EIA. Feedstock consumption was up when compared to the previous year.

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ZeaKal on Oct. 30 announced that PhotoSeed has been validated as the first sustainability-embedded trait technology for agriculture. PhotoSeed enhances photosynthetic capacity, increasing soybean oil by 15%.

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SAF offers a significant opportunity for growth in the biofuel sector and a new revenue stream for farmers, but realizing that potential will depend on the establishment of favorable policies and adequate incentives, according to CoBank.

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New Energy Risk, a wholly owned division of Paragon Insurance Group, and Ecostrat on Oct. 22 announced a partnership to develop Feedstock Supply Insurance, an insurance offering that aims to mitigate risk in biomass feedstock supply chains.

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