768 million pounds of soybean oil went to biodiesel in December
In December, U.S. biodiesel producers surpassed August’s previous record soybean oil utilization by more than 60 million pounds and delivered a year-over-year increase of 29 percent. Biodiesel production totaled 168 million gallons, up 13.5 percent YOY and slightly higher than the average YOY increase seen during the second half of 2018.
Biodiesel manufacturer preference for soybean oil was notable during the second half of 2018 and was certainly helped by the decline in soybean oil pricing, which averaged just 28 cents per pound (crude, Central Illinois) during those six months, compared to 33 cents per pound on average during Jul-Dec 2017.
Utilization of corn oil totaled 181 million pounds, down slightly from November but up 10 percent from a year ago. Distillers corn oil production in December was around 305.8 million pounds, down 12 percent from December 2017 due to the slowdown in ethanol production, and biodiesel utilization accounted for over 59 percent of monthly production, compared to last December’s 47 percent.
Monthly utilization of major biodiesel feedstocks
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