U.S. biodiesel manufacturers produced just 142 million gallons in September, down 9 percent from August—the fourth consecutive month of YOY declines—and down 13 percent year over year. Cumulative 2019 production, at 1.32 billion gallons, was down 3 percent from a year ago.
Demand for soybean oil as a feedstock fell to 599 million pounds, down 13 percent YOY. Total 2018/19 soybean oil utilization was 7.9 billion pounds per EIA counting, so USDA may lower 2018/19 soybean oil demand by 10 million pounds in the December WASDE.
Monthly biodiesel stocks hit a record of 73 million gallons back in February (biodiesel stocks traditionally build during Jan-Mar) and have been on the decline since then. September stocks were 44 million gallons, still up 5 percent YOY.
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