A recent update from the Energy Information Administration shows that the biofuel enthusiasm is picking up steam as 403 million pounds of canola oil was used for biofuel production in March, the most since December 2024. A total of 1.28 billion pounds of soybean oil was used, the most since October 2024. There is certainly a lot of excitement around the increased use of canola oil for biofuels as many news outlets reported on the robust increase in the use of agricultural feedstocks for biofuels. Analysts report that canola prices have been impacted recently by crude oil and soybean oil markets strengthening.
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Biofuel expectations, crude oil continue driving oilseeds
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