Biodiesel added $15 billion in increase soy oil revenue

May 14, 2013 |

In Missouri, a new study commissioned by the Minnesota, Nebraska, and North and South Dakota soy checkoffs, found that biodiesel contributed to a $15 billion increase in soy-oil revenues between 2006 and 2012. This has also raised the price of soybeans by $0.74 per bushel, according to the study. It appears that biodiesel demand also helped offset the effects of a drop in food applications.

As biodiesel production edged upward, the amount of soy oil used in the food industry slid down. Soy oil use for biodiesel increased from 670,000 pounds in 2005 to 4.1 billion pounds for 2012. During that period, U.S. soy oil use in food applications declined by 3.6 billion pounds.

Category: Fuels

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