Biodiesel boosts soybean prices by $0.74 per bushel, study finds

In Missouri, the United Soybean Board is pointing readers towards a study commissioned by the Minnesota, Nebraska, and North and South Dakota soy checkoffs, that found that biodiesel production has boosted soybean prices by $0.74 per bushel. In total, the study found that biodiesel production had generated $15B in added farmer income, and soybean oil demand from the biodiesel sector jumped from 335,000 tons in 2005 to 2.05 million tons for 2012. At the same time, soybean oil in foods dropped by 1.8 million tons.