Biodiesel Sector Contributes to USA Soybean-oil Revenues Increase
CHEMMONITOR.COM - US soybean oil production and US soybean farmers depend on the biodiesel industry. In 2013, the biodiesel-usage requirements reached almost 1.3 billion gallons. For this, US producers need about 9 billion pounds of vegetable oils and animal fats among which soybean accounts for almost 5 billion pounds.
In 2006-2012, soybean-oil revenues grew by about USD 15 billion due to the biodiesel industry. During the same period, soybeans price increased by almost 74 cents per bushel.