Biodiesel production in August was 163 million gallons, up 1 million gallons from July and up from 156 million in August 2019. During Jan-Aug 2020, manufacturers produced 1.189 billion gallons, up 1 percent from the first eight months of 2019 and just slightly lower than the record production in 2018, when the August sum was 1.194 billion gallons.
Processors used 745 million pounds of soybean oil, down 4 percent from July but up 6 percent year over year. Soybean oil accounted for about 60 percent of feedstock use, its smallest share of the pie since March as other oils increased in availability. Corn oil use, for example, was 148 million pounds, up from 133 million in July and just 84 to 94 million pounds per month during April through June, when the sharp slowdown in ethanol production curtailed the supply of distillers corn oil.
Sales of B100 rose to a two-year high of 73 million gallons in August, while sales of B100 for use in biodiesel blends totaled 96 million gallons, down 2 million from July but up 12 percent YOY. Most-recent consumption data show July biodiesel usage at 180 million gallons, the highest level since August 2017 and indicating another month of stocks decline; monthly biodiesel ending stocks have trended lower since April.
The U.S. was a net exporter of biodiesel in August, shipping 501,000 barrels to Canada and 23,000 barrels to other destinations. We imported 234,000 barrels, all from Canada.
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