EPA’s approval last December of canola oil as an advanced feedstock for renewable diesel has boosted imports in 2023.
The U.S. imported 691,300 MT (1.52 billion pounds) of crude canola oil during Q1-Q3 2023, more than double last year’s volume, and 1.42 MMT (3.13 billion pounds) of refined oil, up 23 percent YOY. Despite the added supply, U.S. stocks of refined and crude oils are lower year over year, although still around average.
Domestic production of crude and refined canola oil is also up, with 1.33 billion pounds of crude oil produced during Jan-Sep 2023, up 27 percent YOY, and 1.32 billion pounds of refined oil, up 18 percent YOY. However, 1.36 billion pounds of refined oil were removed from stocks during that period, the highest level of use since USDA began reporting edible oils supply and use in 2015.
Jan-Aug canola oil use for biofuels (biodiesel and renewable diesel) totaled 2.18 billion pounds vs. the 2019-2022 average of 800 million pounds, indicating likely demand for renewable diesel production of around 1.38 billion pounds.
The full version of this commentary appeared on our IQ platform Nov. 8, 2023. Further information, statistics, and pricing for the edible oils and biofuels markets are available to IQ subscribers.Learn more about becoming a subscriber.
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