Diesel pulls more acres

Tanner Ehmke CoBank
Dec 27, 2023
Dec 27, 2023

1 of 2

Soybeans are harvested in mid-November 2023 along U.S. Highway 2 west of Ino, Wisconsin.

Jason Maloney/For Agri-View

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Tanner Ehmke CoBank

The renewable-diesel boom and the shorter U.S. soybean-crop harvest of 2023 will drive an expansion of soybean acreage in the United States in 2024, and therefore reduce acreage available for other crops. The biofuel sector at large carries the momentum of historically large profit margins into the new year. Both ethanol producers and soybean crushers are benefiting from increasing demand for biofuels.

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Tanner Ehmke is lead economist for dairy and specialty crops in CoBank’s Knowledge Exchange research division, where his focus is on providing market and industry research for the dairy and specialty-crops sectors.

CoBank is a $158 billion cooperative bank serving vital industries across rural America. The bank provides loans, leases, export financing and other financial services to agribusinesses and rural power, water and communications providers in all 50 states. It’s a member of the Farm Credit System. Visit www.cobank.com for more information.